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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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