Solved > 41.Under the temporal method, how would cost of:1796724 …

41.Under the temporal method, how would cost of goods sold be remeasured?

A.Beginning of the year rate.

B.Average rate.

C.Current rate.

D.Historical rate.

E.Composite amount.

42.Under the current rate method, how would cost of goods sold be translated?

A.Beginning of the year rate.

B.Average rate.

C.Current rate.

D.Historical rate.

E.Composite amount.

43.Where is the disposition of a translation loss reported in the parent company’s financial statements?

A.Net loss in the income statement.

B.Cumulative translation adjustment as a deferred asset.

C.Cumulative translation adjustment as a deferred liability.

D.Accumulated other comprehensive income.

E.Retained earnings.

44.Where is the disposition of a remeasurement gain or loss reported in the parent company’s financial statements?

A.Net income/loss in the income statement.

B.Cumulative translation adjustment as a deferred asset.

C.Cumulative translation adjustment as a deferred liability.

D.Other comprehensive income.

E.Retained earnings.

45.A highly inflationary economy is defined as

A.Cumulative 5-year inflation in excess of 100%.

B.Cumulative 3-year inflation in excess of 100%.

C.Cumulative 5-year inflation in excess of 90%.

D.Cumulative 3-year inflation in excess of 90%.

E.Any country designated as a company operating in a third-world economy.

46.If a subsidiary is operating in a highly inflationary economy, how are the financial statements to be restated?

A.Historical rate.

B.Working capital rate.

C.Translation.

D.Remeasurement.

E.Current rate.

47.When consolidating a foreign subsidiary, which of the following statements is true?

A.Parent reports a cumulative translation adjustment from adjusting its investment account under the equity method.

B.Parent reports a gain or loss in net income from adjusting its investment account under the equity method.

C.Subsidiary’s cumulative translation adjustment is carried forward to the consolidated balance sheet.

D.Subsidiary’s income/loss is carried forward to the consolidated balance sheet.

E.All foreign currency gains/losses are eliminated in the consolidated income statement and balance sheet.

48.When preparing a consolidating statement of cash flows, which of the following statements is false?

A.All operating activity items are translated at an average exchange rate for the period.

B.A change in accounts receivable is translated using the current rate.

C.A change in long-term debt is translated using the historical rate at the date of the change.

D.Dividends paid are translated using the historical rate at the date of the payment.

E.All items follow translation rates used for the balance sheet and the income statement.

49.When preparing a consolidation worksheet for a parent and its foreign subsidiary accounted for under the equity method, which of the following statements is false?

A.The cumulative translation adjustment included in the Investment in Subsidiary account is eliminated.

B.The excess of fair value over book value since the date of acquisition is revalued for the change in exchange rate.

C.The amount of equity income recognized by the parent in the current year is eliminated.

D.The allocations of excess of fair value over book value at the date of acquisition are eliminated.

E.The subsidiary’s stockholders’ equity accounts as of the beginning of the year are eliminated.

50.Esposito is an Italian subsidiary of a U.S. company.
Esposito’s ending inventory is valued at the average cost for the last quarter of the year.
The following account balances are available for Esposito for 2011:

Compute the cost of goods sold for 2011 in U.S. dollars using the temporal method.

A.$376,650.

B.$387,750.

C.$388,800.

D.$400,950.

E.$409,050.

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