alleryStart learning →A foreign currency item is a long-term monetary item if its term at origination is at least
A24 months
B6 months
C36 months
D12 months
Answer & Solution
Correct answer: D. 12 months
The designation requires a term of twelve months or more at the date of origination.
Keep practising AS 11 Foreign Exchange
Browse all AS 11 Foreign Exchange questions for CA Inter, or explore more Accounting topics.
Related questions
Sales prices set mainly by local competition or regulation point to aAn active local sales market for an operation's products suggests it isUnder the long-term item option, differences on a depreciable asset areParagraph 46A covers accounting periods commencing on or afterThe paragraph 46 option for long-term monetary items applies from periods starting on or aBesides transactions and foreign operations, AS 11 coversPresentation of foreign currency cash flows in a cash flow statement is covered byAS 11 does not cover restating statements into another currency for