Historical exchange rates may be used for ________, while current exchange rates may be used for ________.
A) fixed assets and current assets; income and expense items
B) equity accounts and fixed assets; current assets and liabilities
C) current assets and liabilities; equity accounts and fixed assets
D) equity accounts and current liabilities; current assets and fixed assets

Question

Quizplus · Accepted Answer

Historical exchange rates are typically used for equity accounts and fixed assets to reflect the value at the time of acquisition, while current exchange rates are used for current assets and liabilities to reflect their current market value.

Historical Exchange Rates May Be Used for ________, While Current