At the Balance Sheet Date, Which of the Following Statements

question 54

Multiple Choice

At the balance sheet date, which of the following statements is TRUE?

• A)Monetary items are translated using the exchange rate at the balance sheet date. Any resulting foreign exchange gain or loss is recorded in income.
• B)Monetary items are translated using the exchange rate at the balance sheet date. Any resulting foreign exchange gain or loss is recorded in other comprehensive income.
• C)Non-Monetary items are translated using the exchange rate at the balance sheet date. Any resulting foreign exchange gain or loss is recorded in income.
• D)Non-Monetary items are translated using the exchange rate at the balance sheet date. Any resulting foreign exchange gain or loss is recorded in other comprehensive income.

---

Definitions:

Insured

An individual or entity covered by an insurance policy, providing protection against specified risks or losses.

Insurable Interest

A requirement that a person seeking to take out an insurance policy on something or someone must have a vested interest that would result in financial loss if the insured event occurs.

Property Insurance Policy

A contract that provides financial reimbursement to the owner or renter of a structure and its contents in case of damage or theft.

Time Of Loss

Refers to the specific date and time an event occurred which results in an insurance claim.