International accounting

2.Currency conversion is the same as ________.

A translating the subsidiaries financial statements into US dollars

B translating the subsidiaries financial statements into Euros

C restating US operations into IFRS

D restating US operations and the one local GAAP subsidiary into IFRS

E none of the choices apply

5. SSim-Tech, a US corporation has subsidiaries in six foreign countries. When SSim-Tech is preparing consolidated statements and is translating Property, Plant and Equipment it should use the ________ exchange rate.

A average

B weighted average

C historical

D current

E none of the choices apply

6. SSim-Tech, a US corporation has subsidiaries in six foreign countries. When SSim-Tech is preparing consolidated statements and is translating revenues and expenses using the single rate method it would use the ________ exchange rate.

A average

B weighted average

C historical

D current

E none of the choices apply

7. SSim-Tech, a US corporation has subsidiaries in six foreign countries. When SSim-Tech is preparing consolidated statements and is using the current-noncurrent method it would use the ________ exchange rates to to translate non-current assets and liabilities .

A average and current

B historical

C current

D average

E none of the choices apply

9.SSim-Tech, a US corporation has subsidiaries in six foreign countries. When SSim-Tech is preparing consolidated statements and is using the temporal method it would use the ________ exchange rates to to translate cash, receivables, and payables.

A average or weighted average

B historical

C current

D year-end

E none of the choices apply

10.

SSim-Tech, a US corporation has subsidiaries in six foreign countries. When SSim-Tech is preparing consolidated statements and is considering a no deferral of any gains or losses. This would presented as ___________.

A an item in equity

B an item in expense

C an item in income

D either B or C

E none of the choices apply