Question: When translating from the functional currency into the presentation currency, exchange differences arise because of which of the following? Select one: Opening net assets are

When translating from the functional currency into the presentation currency, exchange differences arise because of which of the following?

Select one:

Opening net assets are translated at a closing rate different from the previous closing

rate

Income and expense items are translated at rates different from the closing rate used for all assets and liabilities

Both a and b

None of the above

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