Which of the Following Correctly Describes the Accounting for Assets

Which of the following correctly describes the accounting for assets and liabilities that were created from foreign currency transactions?

A) Foreign currency monetary assets and liabilities are measured using the current rate of exchange as of the date of the initial transaction.
B) Foreign currency monetary assets and liabilities are measured using the current rate of exchange as of the balance sheet date.
C) Foreign currency nonmonetary assets and liabilities are measured using the current rate of exchange as of the balance sheet date.
D) Foreign currency nonmonetary assets and liabilities are measured using the average annual rate of exchange during the year.