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When translating foreign currency financial statements for a company

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When translating foreign currency financial statements for
a company whose functional currency is the U.S. dollar,
which of the following accounts is translated using
historical exchange rates?
a) Notes payables, yes; Equipment, Yes
b) Notes payables, Yes; Equipment, No
c) Notes payables, No; Equipment, No
d) Notes Payables, No; Equipment, Yes
Solution
Answer:
Historical exchange rate are used to translate Assets
acquired at that time. And Liabilities are transated at
current exchange rates. Hence the answer shall be :
d) Notes Payables, No; Equipment, Yes

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When translating foreign currency financial statements for a company whose functional currency is the U.S. dollar, which of the following accounts is translated using historical exchange rates? a) Notes payables, yes; Equipment, Yes b) Notes payables, Yes; Equipment, No c) Notes payables, No; Equipm ...
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