Question

Multiple Choice Questions :
At each balance sheet date, Foreign currency monetary items should be reported ............

Options

• using the exchange rate at the date of the transaction.

• using the average of the (i) exchange rate at the date· of the transaction, and (ii) closing exchange rate

• using the closing exchange rate at the date of the balance sheet..

• using the lowest exchange rate during the financial year.

Answer 1

using the closing exchange rate at the date of the balance sheet.