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Which of the following is FALSE?
Functional Currency
The currency of the primary economic environment in which an entity operates and carries out its financial transactions.
Property, Plant, And Equipment
Long-term assets owned by a business for the purpose of production, supply, rental, or administrative use, not intended for sale during the normal course of business.
Current-Rate Method
An accounting technique used for converting foreign subsidiary financial statements into the parent company's reporting currency, translating all assets and liabilities at the current exchange rate.
Exchange Gains/Losses
The difference in value realized from the exchange of currency that can either be a profit (gain) or a loss due to fluctuating exchange rates.
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