Match the Pairs:
| Column A | Column B | |
| 1. | A foreign currency transaction | Should be translated at the closing rate. |
| 2. | Closing Balance of Monetary Items | AS 11 |
| 3. | Average Rate | Monetary Items |
| 4. | Accounting for Transactions in Foreign Currencies. | An enterprise becomes a party to an unperformed forward exchange contract . |
| 5. | Cash, receivable and payables | Mean of the exchange rate in force During a period. |
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Solution
Match the Pairs:
| Column A | Answer | |
| 1. | A foreign currency transaction | An enterprise becomes a party to an unperformed forward exchange contract . |
| 2. | Closing Balance of Monetary Items | Should be translated at the closing rate. |
| 3. | Average Rate | Mean of the exchange rate in force During a period. |
| 4. | Accounting for Transactions in Foreign Currencies. | AS 11 |
| 5. | Cash, receivable and payables | Monetary Items |
Concept: Accounting of Transactions of Foreign Currency
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