Revenues and expenses are translated using ________________,and assets and liabilities are translated using _______________________.
A)exchange rates at the reporting date;average exchange rates for the period
B)whichever exchange rate is most advantageous for the firm;average exchange rates for the period
C)average exchange rates for the period;exchange rates at the reporting date
D)exchange rates at the reporting date;whichever exchange rate is most advantageous for the firm

Question

Quizplus · Accepted Answer

Revenues and expenses are translated using average exchange rates for the period to reflect the effect of exchange rate fluctuations over the period in which they were incurred. Assets and liabilities are translated using exchange rates at the reporting date to reflect their current value.

Revenues and Expenses Are Translated Using ________________,And Assets and Liabilities