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Match the Pairs: - Financial Accounting(Financial Accounting and Auditing 9)

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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