In accounting, the term translation refers to
Translation of Foreign Currency Financial Statements
- Under the temporal method, property, plant & equipment would be restated at what rate?
- Under the current rate method, property, plant & equipment would be restated at what rate?
- Under the current rate method, common stock would be restated at what rate?
- Under the temporal method, common stock would be restated at what rate?
- Under the current rate method, inventory at market would be restated at what rate?
- Under the temporal method, inventory at market would be restated at what rate?
- Which method of re-measuring a foreign subsidiary's financial statements is correct?
- Which method of translating a foreign subsidiary's financial statements is correct?
- A net liability balance sheet exposure exists and the foreign currency depreciates. Which of the following statements is true?
- A net liability balance sheet exposure exists and the foreign currency appreciates. Which of the following statements is true?
- A net asset balance sheet exposure exists and the foreign currency depreciates. Which of the following statements is true?
- A net asset balance sheet exposure exists and the foreign currency appreciates. Which of the following statements is true?
- A historical exchange rate for a foreign subsidiary is best described as c
- A U.S. company's foreign subsidiary had the following amounts in stickles (§) in 2009:
- A subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary was the stickle (§). The subsidiary acquired inventory on credit on November 1, 2008, for §120,000 that was sold on January 17, 2009 for §156,000. The subsidiary paid for the inventory on January 31, 2009. Currency exchange rates between the dollar and the stickle were as follows:
- Certain balance sheet accounts of a foreign subsidiary of the Tulip Co. had been stated in U.S. dollars as follows:
- Dilty Corp. owned a subsidiary in France. Dilty concluded that the subsidiary's functional currency was the U.S. dollar.
- Darron Co. was formed on January 1, 2009 as a wholly owned foreign subsidiary of a U.S. corporation. Darron's functional currency was the stickle (§). The following transactions and events occurred during 2007
- What was the amount of the translation adjustment for 2009?
- What exchange rate should have been used in translating Darron's revenues and expenses for 2009?
- What amount of foreign exchange gain or loss would have been recognized on Gunther's consolidated income statement for 2008?
- On December 31, Westmore had accounts receivable of 280,000. What amount (rounded) would have been included for this subsidiary in calculating consolidated accounts receivable?
- Westmore reported sales of 1,500,000 during 2008. What amount (rounded) would have been included for this subsidiary in calculating consolidated sales?
- The translation adjustment from translating a foreign subsidiary's financial statements should be shown as
- In translating a foreign subsidiary's financial statements, which exchange rate does the current method require for the subsidiary's assets and liabilities?