B (ii) and (iii) only
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter24: Recording International And Internet Sales
Section: Chapter Questions
Problem 1ANFS
Related questions
Question
In relation to IAS 21 The Effects of Changes in Foreign Exchange Rates, which of the following statements are true?
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(i) Exchange gains and losses arising on the retranslation of monetary items are recognised in other comprehensive income in the period.
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(ii) Non-monetary items measured at historical cost in a foreign currency are not retranslated at the reporting date.
(iii) An intangible asset is a non-monetary item.
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A All of the above
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B (ii) and (iii) only
-
C (i) and (iii) only
-
D (i) and (ii) only
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