AASB 121 Requires Foreign Currency Monetary Items That Are Expected

question 3

True/False

AASB 121 requires foreign currency monetary items that are expected to be settled in the short term to be translated at the spot rate at reporting date,but does not require this treatment for long-term monetary items denominated in foreign currencies.

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Definitions:

Bid

An offer made by an individual or company to buy a good or service, or to perform a job at a specified price.

Tid

An abbreviation for "ter in die," which is Latin for "three times a day"; commonly used in medical prescriptions to indicate dosing frequency.

Prn

An abbreviation for the Latin phrase "pro re nata," meaning "as the situation demands," often used in medical prescriptions to indicate taking medicine as required.

Intranasal

Administration or action occurring within the nasal passages, often referencing medication delivery.