ACC 401

ACC 401 WEEK 9 QUIZ

ACC 401 Week 9 Quiz,
ACC 401 Week 9 Quiz – Strayer

Chapter 13

Translation of Financial Statements of Foreign Affiliates

Multiple Choice

1. When translating foreign currency financial statements for a company whose functional currency is the U.S. dollar, which of the following accounts is translated using historical exchange rates?

Notes Payable Equipment

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a. Yes Yes

b. Yes No

c. No No

d. No Yes

2. Under the temporal method, monetary assets and liabilities are translated by using the exchange rate existing at the:

a. beginning of the current year.

b. date the transaction occurred.

c. balance sheet date.

d. None of these.

ACC 401 WEEK 9 QUIZ