Under the Temporal Method of Translating Foreign Currency Financial Statements,what

question 37

Multiple Choice

Under the temporal method of translating foreign currency financial statements,what exchange rate should be used for cost of goods sold?

• A)spot rate at the end of the year
• B)average rate during the year
• C)spot rate mid-year
• D)There is no single rate because beginning and ending inventory must be converted at different exchange rates than purchases.

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Definitions:

-tripsy

A suffix used in medical terms to denote the surgical crushing of a stone or calculus.

-ectomy

A suffix used in medical terminology to indicate the surgical removal of a specified part of the body.

-uria

A suffix used in medical terminology to describe conditions related to urine, such as polyuria (production of a large volume of urine) or hematuria (presence of blood in urine).

-itis

Refers to inflammation or infection of a part of the body.