17. If the functional currency is the local currency of a foreign subsidiary, what exchange rates should be used to translate the items below, assuming the foreign subsidiary is in a country which has not experienced hyperinflation over three years?
A. Option A
B. Option B
C. Option C
D. Option D
18. If the functional currency is the local currency of a foreign subsidiary, what exchange rates should be used to translate the items below, assuming the foreign subsidiary is in a country which has not experienced hyperinflation over three years?
A. Option A
B. Option B
C. Option C
D. Option D
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19. Which combination of accounts and exchange rates is correct for the translation of a foreign entity’s financial statements from the functional currency to U.S. dollars?
A. Option A
B. Option B
C. Option C
D. Option D
20. Which combination of accounts and exchange rates is correct for the remeasurement of a foreign entity’s financial statements from its local currency to U.S. dollars?
A. Option A
B. Option B
C. Option C
D. Option D
21. The assets listed below of a foreign subsidiary have been converted to U.S. dollars at both current and historical exchange rates. Assuming that the local currency of the foreign subsidiary is the functional currency, what total amount should appear for these assets on the U.S. company’s consolidated balance sheet?
A. $636,000
B. $648,000
C. $708,000
D. $960,000
22. The gain or loss on the effective portion of a U.S. parent company’s hedge of a net investment in a foreign entity should be treated as:
A. an adjustment to the retained earnings account in the stockholders’ equity section of its balance sheet.
B. other comprehensive income.
C. a translation gain or loss in the computation of net income for the reporting period.
D. an adjustment to a valuation account in the asset section of its balance sheet.
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