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      Question

      Which Accounting Standard deals with 'The Effects of

      Changes in Foreign Exchange Rates'?
      A AS 11 Correct Answer Incorrect Answer
      B AS 12 Correct Answer Incorrect Answer
      C AS 16 Correct Answer Incorrect Answer
      D AS 22 Correct Answer Incorrect Answer

      Solution

      Accounting Standard (AS) 11, "The Effects of Changes in Foreign Exchange Rates," prescribes the accounting treatment for transactions in foreign currencies and the translation of financial statements of foreign operations.

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