Which of the Following Statements About the Current Rate Method

question 39

Multiple Choice

Which of the following statements about the Current Rate method is false?

• A)Translation involves restating the functional currency amounts into the reporting currency.
• B)All assets and liabilities are translated at the current rate.
• C)If the subsidiary maintains their books in their functional currency,the current rate method is used.
• D)The effect of exchange rate changes are reported on the income statement as a foreign exchange gain or loss.

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