In the event of a change in the functional currency, is a company required to restate previously issued financial statements in terms of the new financial currency? Are measurement ring gains and losses considered to be extraordinary items? Also respond to the posting of at least one of your classmates.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is