In AS 11 A foreign currency transaction should be recorded on initial recognition in the reporting c...........

Accountancy (Phase -I & II) Accounting standards

In AS-11, A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the ........................and ...................... at the date of the transaction.

the reporting currency and the foreign currency

the reporting currency and the domestic currency

the actual rate and the foreign currency

None of these

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Explanation:

A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.