10. Which of the following statements is TRUE?

a. Revenues and expenses are converted at the current exchange rate under the current rate method.

b. Cumulative translation adjustment is reported in the income statement

c. The objective of remeasurement is to produce a set of remeasured financial statements as if all transactions occurred in the functional currency.

d. The objective of translation is to retain in the translated financial statements the financial relationships of the affiliate as measured in U.S. dollars

11. Which of the following statements is true?

a. Revenues and expenses are converted at the current exchange rate under the current rate method.

b. cumulative translations adjustment is reported in the income statement.

c. The objective of translation is to retain in the translated financial statements the financial results and relationships of the affiliate as measured in U.S. dollars

d. The objective of remeasurement is to produce a set of remeasured financial statements as if all transactions occurred in the functional currency.