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2. The account balances of a foreign entity are required by SFAS No. 52 to be measured using that entity's functional currency. The functional currency

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2. The account balances of a foreign entity are required by SFAS No. 52 to be measured using that entity's functional currency. The functional currency of an entity is defined as a. The currency in which the entity's transactions are recorded. b. The currency of the primary economic environment in which the entity operates. C. The U.S. dollar. d. The local currency of the country in which the entity is physically located

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