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      Question

      Which method is used to account for foreign currency

      transactions at initial recognition under Ind AS 21?
      A Translate using closing rate at reporting date Correct Answer Incorrect Answer
      B Use spot exchange rate at date of transaction Correct Answer Incorrect Answer
      C Always use average annual rate Correct Answer Incorrect Answer
      D Always use historical local currency ignoring exchange rates Correct Answer Incorrect Answer
      E Use forward rate only Correct Answer Incorrect Answer

      Solution

      Initial recognition uses spot rate at date of transaction.

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