When the Functional Currency Is Different Than the Presentation Currency

question 49

Multiple Choice

When the functional currency is different than the presentation currency, monetary items are restated _________________________ and any gain or loss is recorded in ________________.

• A)at the spot rate; income.
• B)at the closing rate at the financial statement date; comprehensive income.
• C)at the closing rate at the financial statement date; income.
• D)at the spot rate; other comprehensive income.

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