Give me answer The functional currency of a foreignoperation is determined primarily by ?a) The parent company's currencyb) The currency that mainly influences salespricesc) The reporting currencyd) The local country's currency

The functional currency of a foreign operation is determined primarily by identifying the currency…

Answered: The functional currency of a foreign…

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 14QE

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Similar questions

1. Explain the rule for translating the Financial Statements of Foreign Operations from Local Currency to Functional Currency. 2. Explain the rule for translating the Financial Statements of Foreign Operations from Functional Currency to Presentation Currency
what are implications for analysis of financial statements that result from the accounting for foreign currency translation?
A). Why do we need to translate the financial statement of foreign operations? B). Explain the concepts of local currency, functional currency and presentation, orrency with example. K C). How is the profit or loss from translating foreign operations' financial statements from local currency to functional currency treated? D) How are the profit and loss from translating foreign ope ions' financial statements from functional currency to presentation currency treated?
Define domestic currency
When are foreign currency transaction gains or losses required to be recognized in the financial statements, how are they to be disclosed and where in the financial statements?
Describe direct foreign investment process?
Which of the following considerations would not be relevant in determining the entity's functional currency? The currency that influences the costs of entity O The currency that is most internationally acceptable for trading The currency in which receipts from operating activities are retained O The currency in which finance or fund is generated
What is foreign trade balance?
Which accounts are remeasured (versus translated) using current exchange rates? Select one: a. All current assets and liabilities b. All assets and liabilities All revenues and expenses d. Cash, receivables, and most liabilities e. All noncurrent assets and liabilities C.

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The functional currency of a foreign operation is determined primarily by ? a) The parent company's currency b) The currency that mainly influences sales prices c) The reporting currency d) The local country's currency