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Question 5 (2.5 points) The risk exposure that occurs between the time of entering into a foreign currency transaction when it is settled is referred to as: transaction exposure. translation (accounting) exposure. default risk. economic exposure. Question 4 (2.5 points) Which of the following statements is correct? 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 average rates. If the functional currency of the foreign operation is different than the parent's functional currency, the monetary items must be translated using closing rates. If the functional currency of the foreign operation is different than the parent's functional currency, the shareholders' equity must be translated using closing rates. If the functional currency of the foreign operation is different than the parent's functional currency, the monetary items must be translated using average rates