Provide 2 audit response for translation foreign exchange rate? (include the reasonable test)
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- what are implications for analysis of financial statements that result from the accounting for foreign currency translation?What are the consequences of accounting for foreign currency translation on financial statement analysis?2 - Which of the following is not one of the payment methods used in foreign trade?A) Payment by letter of creditB) Joint paymentC) Offset paymentD) Advance paymentE) Payment with Acceptance Credit
- Single rate translation method use some combination or current and historical rates to translate foreign currency balances. Select one: True FalseOn initial recognition of IFRS, a foreign currency transaction should be recorded at:A. the spot exchange rateB. Forward exchange rateC. Historical exchange rate D. All of the aboveE. None of the abovOf foreign exchange risks, what are differences between translation risk and transaction risk? Please offer a real-world example.
- If the functional currency is determined to not be the foreign entity's local currency, translation is done using a. the current rate method b. the functional method c. the remeasurement method d. the derivative methodExchange rate is:Select one:a. All of the given answers.b. The rate at which one currency can be exchanged for another.c. Not defined in AASB 121.d. The difference between the currency rates.Which of the following combinations correctly describes the relationship between foreign currency transactions, exchange rate changes, and foreign exchange gains and losses?
- which shall be recognized for each item when foreign currency gain or loss that arises from translation of foreign currency denominated transaction to functional currency? a. inventiry b. interest expense c. accounts receivable d. unearned revenue(a) Explain the following terms which are used in the foreign exchange market:(i) Value “Tom” and value “Tod”; (ii) Direct quotation and indirect quotation.The exchange loss/gain due to a transaction exposure is estimated while O a. Converting a foreign currency into a domestic currency O b. Quoting a price for a foreign currency transaction O c. Entering into a transaction in foreign exchange O d. Verifying the fluctuation in the exchange rate