
Ind AS 21
Authored by Aarshya Kumari
Financial Education
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The primary objective of Ind AS 21 is to establish the principles and procedures for the:
Recognition, measurement, and disclosure of the effects of changes in foreign exchange rates.
Valuation of foreign currency assets and liabilities.
Hedging of foreign exchange risk.
Translation of foreign currency transactions into the functional currency.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A functional currency is defined as:
The currency of the country in which an entity is incorporated.
The currency of the country where an entity's principal operations are conducted.
The currency of the country where an entity's financial statements are presented.
The currency of the country where an entity's headquarters are located.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The two methods used to translate foreign currency transactions are:
Temporal method and monetary/non-monetary method.
Current rate method and historical cost method.
Spot rate method and forward rate method.
Monetary method and non-monetary method.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The translation adjustment arising from the translation of foreign operations is:
Recognized as income or expense in the income statement.
Recognized as a component of equity.
Recognized as a liability or asset in the balance sheet.
Not recognized in the financial statements.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A foreign exchange gain arises when:
The functional currency strengthens against the foreign currency.
The functional currency weakens against the foreign currency.
The spot exchange rate is higher than the forward exchange rate.
The spot exchange rate is lower than the forward exchange rate.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An entity started trading in the USA. After several years the entity expanded trading in Europe through a subsidiary. The subsidiary is essentially an extension of their own business and the directors of the two entities are the same. The functional currency of the subsidiary is
The Dollar or the Euro
The Dollar
Cannot be determined
The Euro
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An entity has a subsidiary which operates in a country where the exchange rates are volatile and there are wild seasonal variations in costs and revenue. Which rates of exchange may
Spot rate at year end
Average rates for each quarter
Average rates for each month of the year
Average for the year
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