Under AASB 121, the Process of Translation of the Financial

question 12

Multiple Choice

Under AASB 121, the process of translation of the financial statements of a foreign operations involves:

• A)converting from the functional currency of the foreign operation into the parent entity's functional currency
• B)converting from the parent entity's functional currency into the functional currency of the foreign operation
• C)converting from the functional currency of the foreign operation into the presentation currency used in the parent entity's consolidated financial statements
• D)converting from the domestic currency of the foreign operation into the parent entity's functional currency

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Definitions:

Main Categories

This term likely refers to the primary classifications or groupings within a system, such as accounting, where transactions can be sorted.

Owners

Individuals or entities who possess ownership interest in a company or property.

Banking Transaction

An operation that involves the movement of money in or out of a bank account.

Make Deposit

The action of placing money into a bank account or financial institution.