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ACC 410 Quiz 7



ACC 410 Quiz 7 Paid-in capital accounts are translated using the historical exchange rate under: Which of the following would be restated using the current exchange rate under the temporal method? The appropriate exchange rate for translating a plant asset in the balance sheet of a foreign subsidiary in which the functional currency is the U.S. dollar is the: Assuming no significant inflation, gains resulting from the process of translating a foreign entity’s financial statements from the functional currency to U.S. dollars should be included as a(n): In preparing consolidated financial statements of a U.S. parent company and a foreign subsidiary, the foreign subsidiary’s functional currency is the currency: Under the temporal method, monetary assets and liabilities are translated by using the exchange rate existing at the: Gains from remeasuring a foreign subsidiary’s financial statements from the local currency, which is not the functional currency, into the parent company’s currency should be reported as a(n): Average exchange rates are used to translate certain items from foreign financial statements into U.S. dollars. Such averages are used in order to: The process of translating the accounts of a foreign entity into its functional currency when they are stated in another currency is called: The translation adjustment that results from translating the financial statements of a foreign subsidiary using the current rate method should be: P Company acquired 90% of the outstanding common stock of S Company which is a foreign company. The acquisition was accounted for using the purchase method. In preparing consolidated statements, the paid-in capital of S Company should be converted at the: When the functional currency is identified as the U.S. dollar, land purchased by a foreign subsidiary after the controlling interest was acquired by the parent company should be translated using the: If the functional currency is determined to be the U.S. dollar and its financial statements are prepared in the local currency, SFAS 52, requires which of the following procedures to be followed? A foreign subsidiary’s functional currency is its local currency and inflation of over 100 percent has been experienced over a three-year period. For consolidation purposes, SFAS No. 52 requires the use of: The objective of remeasurement is to:


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