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(a) Explain the concepts of Local Currency, Functional Currency and Presentation Currency with suitable examples. ) (b) Explain the rule for translating the Financial Statements

(a) Explain the concepts of Local Currency, Functional Currency and Presentation Currency with suitable examples.

) (b) Explain the rule for translating the Financial Statements of Foreign Operations from Local Currency to Functional Currency. (

(c) Explain the rule for translating the Financial Statements of Foreign Operations from Functional Currency to Presentation Currency. (

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