Question

24.q Under the temporal method, income statement items that relate to derecognized assets and liabilities generally...

24.q

Under the temporal method, income statement items that relate to derecognized assets and liabilities generally are remeasured using the:

Multiple Choice

  • average exchange rate.

  • historical exchange rate.

  • current exchange rate.

  • lowest exchange rate for the period.

25.q

Which method of translating or remeasuring foreign currency denominated amounts may lead to revenue and cost of goods sold being translated/remeasured at different exchange rates?

Multiple Choice

  • The current rate method.

  • Both the current rate and the temporal methods.

  • Revenue and cost of goods must be translated/remeasured using the same rate.

  • The temporal method.

26.q

Under the temporal method, remeasurement exposure is equal to:

Multiple Choice

  • nonmonetary assets.

  • net nonmonetary assets.

  • net monetary assets.

  • monetary assets.

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Under the temporal method, income statement items that relate to derecognized assets and liabilities generally are remeasured using the:
Historical exchange rate.
Which method of translating or remeasuring foreign currency denominated amounts may lead to revenue and cost of goods sold being translated/remeasured at different exchange rates?
The current rate method.
Under the temporal method, Remeasuremnet exposure is equal to:
Monetary assets.
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