Under the Translation Method Required by AASB 121,the Approach to Translating

question 31

Multiple Choice

Under the translation method required by AASB 121,the approach to translating a foreign operation's accounts includes:

• A) translating post-acquisition changes in equity at the exchange rate current at the date of the change.
• B) translating non-monetary assets at the spot exchange rate at the date of the purchase transaction.
• C) translating revenue and expense items at the average rate for the period where the revenues and expense transactions have been evenly distributed over the period.
• D) translating proposed distributions from retained profits at the exchange rate current when the distributions are completed in cash.

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Definitions:

Vygotsky

Lev Vygotsky, a Russian psychologist known for his theory on social development, emphasizing the influence of social interaction on cognitive development.

Piaget

A Swiss developmental psychologist and philosopher known for his epistemological studies with children, Piaget's theory of cognitive development posits that children move through four stages of mental development.

Social And Cultural Contexts

The environments, practices, and beliefs that influence individuals' behaviors, attitudes, and experiences.

Object Permanence

Object permanence is the cognitive understanding that objects continue to exist even when they cannot be seen, heard, or otherwise sensed.