By applying the definition provided in AASB 121 The Effects of Changes in Foreign Exchange Rates,which of the following items will be regarded as a monetary item?
A)Motor vehicles
B)Inventory
C)Machinery
D)Cash

Question

Quizplus · Accepted Answer

A monetary item is defined as an asset or liability that is either money itself or has a fixed monetary amount. Cash is a monetary item as it is money itself. Motor vehicles, inventory, and machinery are non-monetary items as they do not have a fixed monetary amount.

By Applying the Definition Provided in AASB 121 the Effects