Historical foreign currency exchange rate
[DOC File]Chapter 1 Test Bank - CPA Diary
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4. When the financial statements of a foreign subsidiary one year after acquisition are consolidated with the parent company, Retained Earnings is a. translated at the current exchange rate. b. remeasured at the current exchange rate. c. remeasured at the historical exchange rate. d. None of the above answers is correct. LO2. 5.
[DOCX File]Chapter 10
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The dollar value of the payables (based on today’s exchange rate) from its imports during this year is $12 million. In addition, Yamato exports to Portugal and its exports are denominated in euros. The dollar value of the receivables (based on today’s exchange rate) from its exports during this year is $8 million.
[DOC File]A Foreign Exchange and Policy Perspective
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The growth and stability of the world economy depends on a reliable and efficient means of making payments, transferring funds, and determining the rate of exchange between currencies. With around-the-clock trading and turnover of about $1.2 trillion a day, the foreign exchange markets deliver an essential service to a multitude of corporations ...
[DOC File]FOREIGN CURRENCY TRANSLATION
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When firms translate foreign currency amounts into reporting currency amounts using the historical exchange rate, changes in exchange rates do not affect the reporting currency amount of that item because, by definition, those items appear in the reporting currency at their acquisition cost translated at the exchange rate on the date of ...
[DOC File][4830-01-p]
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In general, the values of current items (such as cash or cash flows denominated in foreign currency) are translated at the year-end exchange rate, and the values of historical items (such as equipment) are translated at the exchange rate for the period in which the item was acquired or incurred.
[DOC File]Chapter 10
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C By translating items carried at historical cost by the historical exchange rate, the temporal method maintains the underlying valuation method used by the foreign subsidiary. 6. B When the U.S. dollar is the functional currency, SFAS 52 requires remeasurement using the temporal method with remeasurement gains and losses reported in income.
[DOC File]Chapter 10 8e SM
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10. D The foreign currency is the functional currency, so a translation is appropriate. All assets are translated at the current exchange rate of $.19. 11. C The U.S. dollar is the functional currency, so a remeasurement is appropriate. Inventory (carried at cost) is remeasured at the historical exchange rate of …
[DOC File]Foreign currency translation
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During 2010, the foreign exchange rate of FC currency to US dollars was: September 1 - October 31 1.18 November 1 – December 31 1.19 2010 average 1.16 During 2009, a foreign subsidiary of the Lowell Corporation generated the account balances shown in the first two columns of the following table.
[DOC File]Exercise 12-6
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Oct 19, 2010 · Pal Company is translating account balances of its foreign subsidiary into dollars for its December 31, 2008, balance sheet and its 2008 income statement. The functional currency was identified as the local currency of the foreign subsidiary. The average exchange rate for 2008b should be used to translate. Retained earnings at January 1, 2008
[DOC File]Chapter 12 Multinational Accounting: Issues in Financial ...
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16. Dividends of a foreign subsidiary are translated at: A. the average exchange rate for the year. B. the exchange rate on the date of declaration. C. the current exchange rate on the date of preparation of the financial statement. D. the exchange rate on the record date. AACSB: Reflective Thinking AICPA: Decision Making 17.
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