At the date of the transaction, a foreign currency monetary item is initially recognised and measured using:
A) the spot exchange rate.
B) US dollars.
C) the closing rate.
D) the foreign currency monetary value.

Question

Quizplus · Accepted Answer

At the date of the transaction, a foreign currency monetary item is initially recognised and measured using the spot exchange rate, which is the exchange rate at that specific moment in time.

At the Date of the Transaction, a Foreign Currency Monetary