Question: Question 2 Access the most recent Form 10-K (year 2017) for both Exxon Mobil and Chevron and answer the following questions. Required: a. Determine whether

Question 2

Access the most recent Form 10-K (year 2017) for both Exxon Mobil and Chevron and answer the following questions.

Required:

a. Determine whether each companys foreign operations have a predominant functional currency. Discuss the implication this has for the comparability of financial statements between the two companies.

b. Determine the amount of translation adjustment, if any, reported in other comprehensive income in each of the three most recent years. Explain the sign (positive or negative) of the translation adjustment in each of the three most recent years. Compare the relative magnitude of the translation adjustments between the two companies.

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