Question: Select all that apply Which of the following are true of accounting for foreign currency transactions? Multiple select question. Any gain or loss resulting from foreign currency transactions is recognized in net income. All assets and all liabilities that are denominated in a foreign currency are revalued as the exchange rate changes. Monetary assets and monetary liabilities that are denominated in a foreign currency are revalued as the exchange rate changes. Any gain or loss resulting from foreign currency transactions is recognized in accumulated other comprehensive income.