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Which of the following are true statements about re-measurement under the temporal method? Select one: a....

Which of the following are true statements about re-measurement under the temporal method? Select one: a. Receivables are re-measured using the current exchange rate. b. Equipment is re-measured using the current exchange rate. c. Cost of Sales is re-measured using the average exchange rate for the period. d. Land is re-measured using the current exchange rate. e. All of the Above

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Answer #1

Answer : A (Receivables are re-measured using the current exchange rate under temporal method

because under temporal method in remeasurement like  cost of sales , property and land, plant and equipment is remeasured using the historical exchange rate. But Cash , receivables and some liabilities are measured by using current exchange rate in temporal method.

under current rate method in remeasurement, cost of sales is remeasured with average exchange rate for the period , property , plant and equipment (all assets and liabilities) is measured using the current exchange rates.

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