Which of the following statements is correct?currency translation (PCT) method, which of the following statements is correct?

Multiple Choice

• a) If the functional currency of the foreign operation is different than the parent's functional currency, the non-monetary items recorded at cost must be translated using average rates.

• b) If the functional currency of the foreign operation is the same as the parent's functional currency, the non-monetary items recorded at cost must be translated using closing rates.

• c) If the functional currency of the foreign operation is different than the parent's functional currency, the non-monetary items recorded at cost must be translated using historical rates.

• d) If the functional currency of the foreign operation is different than the parent's functional currency, the non-monetary items recorded at cost must be translated using closing rates.