Question

1. Which of the following statements is false?
(a) AS 11 should be applied in accounting for transactions in foreign currencies
(b) AS 11 deals with accounting for foreign currency transaction in the nature of forward
exchange contracts
(c) AS 11 specifies the currency in which an enterprise should present its financial
statements
(d) The principal issues in accounting for foreign currency transactions are to decide
which exchange rate to use and how to recognize in the financial statements the financial
effect of changes in exchange rates​

Answer 1

Answer:

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Answer 2

Answer:

c AS 11 specifices the currency in which an enterptise should