Which of the following are true of accounting for foreign currency transactions?
A. Any gain or loss resulting from foreign currency transactions is recognized in net income.
B. Any gain or loss resulting from foreign currency transactions is recognized in accumulated other comprehensive income.
C. All assets and all liabilities that are denominated in a foreign currency are revalued as the exchange rate changes.
D. Monetary assets and monetary liabilities that are denominated in a foreign currency are revalued as the exchange rate changes.

Question

25-06-2024
Business

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Which of the following are true of accounting for foreign currency transactions?
A. Any gain or loss resulting from foreign currency transactions is recognized in net income.
B. Any gain or loss resulting from foreign currency transactions is recognized in accumulated other comprehensive income.
C. All assets and all liabilities that are denominated in a foreign currency are revalued as the exchange rate changes.
D. Monetary assets and monetary liabilities that are denominated in a foreign currency are revalued as the exchange rate changes.

Sagot :

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