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 end of reporting period;
B) first classify the liabilities into current and non-current;
C) first classify the liabilities as monetary or non-monetary;
D) translate all liabilities using the rate current on entering into the transaction.