General Studies · Accounting Standards
Under the Indian Accounting Standard for the Effects of Changes in Foreign Exchange Rates (AS 11), exchange differences arising on the settlement or reporting of short-term foreign currency monetary transactions are generally recognized in which account?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Shareholder's Equity Account
- 2Revaluation Reserve Account
- 3Reserves and Surplus Account
- 4Profit and Loss Account✓
Correct answer
Profit and Loss Account
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