Which of the following statements is false?

Which of the following statements is false?

a.Foreign currency transactions of a U.S. Firm involve the exchange of goods from a foreign country denominated in $ U.S.

b.The purchase or sale of an item is a separate transaction from the foreign currency commitment under the two transaction approach.

c.Foreign currency exchange gains or losses from the revaluation of assets or liabilities denominated in a foreign currency must be recognized in the period when the exchange rate changes