According to the Current-Rate Method of Translating Foreign Currency Financial

question 34

Multiple Choice

According to the current-rate method of translating foreign currency financial statements,

• A) current assets and liabilities are translated at current exchange rates, and other assets, liabilities and owner's equity are translated at historical exchange rates.
• B) only those assets carried at past exchange prices should be translated at the historical rate.
• C) only owner's equity is translated at historical exchange rates.
• D) translation losses are taken to income, but translation gains are deferred.

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