a- A forward exchange contract is one in which an exchange broker and its customer agree to exchange currencies at a set price on a future date.

True or False

b- Once foreign currency purchases and sales, or inventories, fixed assets and other non-monetary items obtained through foreign currency transactions, have been translated and recorded, any subsequent changes in the exchange rate will not affect those recorded amounts.

True or False

c- Exchange gains and losses occur on items translated at the historical rate but not on items translated at the closing rate.

True or False

d- Transactions denominated in foreign currency are recorded in Canadian dollars at the spot rate in effect on the date of the transaction.

True or False