_____ Under FAS 52, what occurs in translation under the current rate method of translation?
A) All income statement accounts are expressed in dollars by using exchange rates in effect when the items were recognized in the income statement.
B) The effects of exchange rate changes are reported currently in earnings.
C) All assets and liabilities are translated using exchange rates that produce the U.S. dollar equivalent at the time the transactions giving rise to the balance occurred.
D) The temporal method must be used.
E) None of the above.

Question

Quizplus · Accepted Answer

Under the current rate method of translation, all income statement accounts are expressed in dollars by using exchange rates in effect when the items were recognized in the income statement.

_____ Under FAS 52, What Occurs in Translation Under the Current