Undie Inc. has many foreign operations and uses the U.S. dollar as its functional currency worldwide. Which of the following statements is true with respect to foreign operations?

A. All assets and liabilities are translated at current exchange rates.

B. Monetary assets and liabilities are translated at current exchange rates.

C. Translation gains and losses are reported in equity section of balance sheet.

D. Non-monetary assets and liabilities are translated at average exchange rates for the year.