8. Why is the average rate of exchange used to translate the foreign subsidiary P&L account, rather...
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8. Why is the average rate of exchange used to translate the foreign subsidiary P&L account, rather than the closing rate?
& P&L account reflects the assets at the end of the year
& Closing rate of exchange reflects movements during the year
& Average rate reflects movements during the year
& Profit is all earned at the end of the year
& The closing rate is the same as the average rate
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