A) A. B) BC) C

question 213

Multiple Choice

• A) A.
• B) B.
• C) C.
• D) B and C.

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Definitions:

Local Overseas Currency

The official money or legal tender used in a country other than one's own, especially in the context of international trade or travel.

Functional Currency

The currency of the primary economic environment in which an entity operates, and in which it typically generates and expends cash.

Parent's Cash Flows

The cash inflows and outflows directly associated with the primary operating entity in a group of companies or conglomerate.

AASB 121

Refers to the Australian Accounting Standards Board provision dealing with the effects of changes in foreign exchange rates.