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U.S. GAAP require the current rate of exchange to be used for remeasuring certain balance sheet items and the historical rate of exchange for other balance sheet items. An item that should be remeasured using the historical exchange rate is

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Answer:

Prepaid Expenses

Explanation:

An item that should be remeasured using the historical exchange rate is prepaid expenses.

Prepaid expenses refers to deferred Expenses. They are expenses paid before the expense is incurred.

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