Under the translation method required by NZ IAS 21, the approach to translating a foreign operation's accounts includes:

Select one:

a.translating non-monetary assets at the average exchange rate since the date of purchase of the asset.

b.translating monetary items at the closing rate of exchange.

c.translating revenues and expenses at the average rate of exchange applied to equity items.

d.translating transfers of post-acquisition equity items within the equity category at the rate of exchange current at the date the original equity item was first included in equity.

When translating non-monetary liabilities into the functional currency, the translation rate used is:

Select one:

a.the average rate.

b.the spot rate.

c.the rate at date of valuation.

d.the closing rate.

The 'spot rate' is:

Select one:

a.the rate for delivery the next day of currencies to be exchanged.

b.the exchange rate for immediate delivery of currencies to be exchanged.

c.can never be used in translating the accounts of foreign operations.

d.only used in relation to metals, that is, the spot metal price.