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Multiple Choice Questions :____________ Balance Should Be Translated at the Closing Rate. - Financial Accounting(Financial Accounting and Auditing 9)

MCQ

Multiple Choice Questions :
____________ Balance should be translated at the closing rate.

Options

  • Non-monetary items valued at histoncal cost denominated in a foreign currency

  • Monetary items

  • Non-monetary items which aie carried in a foreign currency

  • All the above.

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Solution

Non-monetary items which aie carried in a foreign currency.

Concept: Accounting of Transactions of Foreign Currency
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