Which of the Following Statements Is Correct with Respect to AASB

question 29

Multiple Choice

Which of the following statements is correct with respect to AASB 121 "The effects of changes in foreign exchange rates"?

• A) Foreign currency transactions are recorded, on initial recognition in the presentation currency, by applying to the foreign currency amount the spot exchange rate between the presentation currency and the foreign currency at the date of the transaction.
• B) At each end of the reporting period, foreign currency non-monetary items shall be translated using the closing rate.
• C) At each end of the reporting period non-monetary items that are measured in terms of historical cost in a foreign currency shall be translated using the exchange rate at the date of the transaction.
• D) At each end of the reporting period, non-monetary items that are measured at fair value in a foreign currency shall be translated using closing rate.
• E) None of the given answers.

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Definitions:

Interview

A formal conversation, typically one-on-one, used for assessing qualifications of applicants or gathering information.

Application Letter

A document submitted to an employer or organization to express interest in a specific job or opportunity, detailing qualifications and experiences.

Résumé

A document summarizing an individual's background, including education, work experience, skills, and achievements.

Following Up

The process of making additional inquiries or actions after an initial interaction or communication.