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      Question

      If a company has a foreign branch, how are its financial

      statements translated as per AS 11?
      A All items at the historical rate Correct Answer Incorrect Answer
      B Based on management discretion Correct Answer Incorrect Answer
      C All items at the closing rate Correct Answer Incorrect Answer
      D Monetary items at the closing rate; non-monetary items at historical rate Correct Answer Incorrect Answer

      Solution

      The correct answer is D

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