Reference no: EM132773853

Problem 1: The exchange rate used at the end of the reporting period is

Select one:

Option 1: the closing rate

Option 2: the ending rate

Option 3: the spot rate

Option 4: the indirect rate

Problem 2: If foreign currency denominated non-monetary assets are measured using the fair value method, they must be translated into the functional currency using the:

Select one:

Option 1: exchange rate at the date when the assets were revalued

Option 2: average exchange rate for the financial year

Option 3: exchange rate current at the end of the reporting period

Option 4: exchange rate at the original purchase date of the asset