Which of the Following Statements Is Correct

question 26

Multiple Choice

Which of the following statements is correct?

• A) If the functional currency of the foreign operation is different than the parent's functional currency, the non-monetary items recorded at closing values must be translated using closing rates.
• B) If the functional currency of the foreign operation is different than the parent's functional currency, the non-monetary items recorded at closing values must be translated using average rates.
• C) If the functional currency of the foreign operation is different than the parent's functional currency, the non-monetary items recorded at closing values must be translated using historical rates.
• D) If the functional currency of the foreign operation is the same as the parent's functional currency, the non-monetary items recorded at closing values must be translated using average rates.

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Definitions:

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