Question

Non monetary items should be reported:

a.
At the closing rate.

b.
At the exchange rate of the transaction.

c.
At the average rate for the year.

d.
None of the above is correct.

Answer 1

[AI-generated answer — Bot GPT 3.5]

d. None of the above is correct. Non-monetary items should generally be reported at historical cost or fair value, depending on the specific item and accounting standards.