When translating foreign currency financial statements for a company whose functional currency is the U. S. dollar, which of the following accounts is translated using historical exchange rates? Notes Payable - Equipmenta. Yes - Yesb. Yes - Noc. No - Nod. No - Yes

Question

Social Studies

Elaine Cowan

8 January, 07:58

When translating foreign currency financial statements for a company whose functional currency is the U. S. dollar, which of the following accounts is translated using historical exchange rates? Notes Payable - Equipmenta. Yes - Yesb. Yes - Noc. No - Nod. No - Yes

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Answers (1)

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Dominik Murphy · Answer 1

Answer: D. No-Yes

Explanation:

Historical currency exchange rates are foreign exchange rates which give traders a historical reference of how a currency pair has traded in the past.

Note payable are not translated using historical exchange rates, however, equipment are.