The General Rule for Translating Liabilities Denominated in a Foreign

Multiple Choice

The general rule for translating liabilities denominated in a foreign currency into the functional currency is to:

A) translate all liabilities using the current rate existing at the end of the reporting period.
B) first classify the liabilities into current or non-current.
C) first classify the liabilities as monetary or non-monetary.
D) translate all liabilities using the rate applicable when the original transaction was recorded.