which of the following statements is true? revenues and expenses can only be translated at the exchange rate in effect when recognized. us gaap permits an averaging of exchange rates in order to facilitate the translation process and prescribes a specific approach for companies to use. companies are required to use an averaging method that weights transactions by the relative proportion of sales volume during the period. companies are permitted to use an average exchange rate for the period to translate revenues and expenses under the assumptions that revenues and expenses occur evenly throughout the period.
