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ACCT 405 Week 6 Homework

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ACCT 405 Week 6 Homework

Chpt.  8 Problems 1, 2, 3, 6, 7, and 17

Chapter 7 – Problems 11

Chapter 7

11). Assuming that MNC did not enter into a forward contract, how much foreign exchange gain or loss should it report on its 2013 income statement with regard to this transaction?

 

Chapter 8

 

1). What is a subsidiary’s functional currency?

2). In comparing the translation and the re-measurement process, which of the following is true?

3). Which of the following statements is true for the translation process (as opposed to re-measurement)?

6). This subsidiary’s functional currency is a foreign currency. What total should Rose’s balance sheet include for the preceding items?

7). This subsidiary’s functional currency is the U.S. dollar. What total should Rose’s balance sheet include for the preceding items?

17). In accordance with U.S. generally accepted accounting principles, which translation combination is appropriate for a foreign operation whose functional currency is the U.S. dollar?

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