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Question 5 (10 marks) (a) Why do we need to translate the financial statement of foreign operations? (2.5 marks) bExplain the concepts of local currency,

Question 5 (10 marks) (a) Why do we need to translate the financial statement of foreign operations? (2.5 marks)

bExplain the concepts of local currency, functional currency and presentation currency with example. (2.5 marks)

c. How is the profit or loss from translating foreign operations' financial statements from local currency to functional currency treated

d. How are the profit and loss from translating foreign operations' financial statements from functional currency to presentation currency treated? (2.5 marks)

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