Question

When translating foreign currency financial statements for a company whose functional currency is the U.S. dollar, which of the following accounts is translated using historical exchange rates?Notes Payable - Equipmenta. Yes - Yesb. Yes - Noc. No - Nod. No - Yes

Answer 1

Answer: D. No-Yes

Step-by-step explanation:

Historical currency exchange rates are foreign exchange rates which give traders a historical reference of how a currency pair has traded in the past.

Note payable are not translated using historical exchange rates, however, equipment are.