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31. Under the current rate method, common stock at
would be restated at what rate?
A) Beginning
of the year rate.
B) Average
rate.
C) Current
rate.
D) Historical
rate.
E) Composite
amount.
32. Under
the current rate method, property, plant & equipment would be restated at
what rate?
A) Beginning
of the year rate.
B) Average
rate.
C) Current
rate.
D) Historical
rate.
E) Composite
amount.
33. Under
the temporal method, property, plant & equipment would be restated at what
rate?
A) Beginning
of the year rate.
B) Average
rate.
C) Current
rate.
D) Historical
rate.
E) Composite
amount.
34. Under
the current rate method, retained earnings would be restated at what rate?
A) Beginning
of the year rate.
B) Average
rate.
C) Current
rate.
D) Historical
rate.
E) Composite
amount.
35. Under
the temporal method, retained earnings would be restated at what rate?
A) Beginning
of the year rate.
B) Average
rate.
C) Current
rate.
D) Historical
rate.
E) Composite
amount.
36. Under
the current rate method, depreciation expense would be restated at what rate?
A) Beginning
of the year rate.
B) Average
rate.
C) Current
rate.
D) Historical
rate.
E) Composite
amount.
37. Under
the temporal method, depreciation expense would be restated at what rate?
A) Beginning
of the year rate.
B) Average
rate.
C) Current
rate.
D) Historical
rate.
E) Composite
amount.
38. Under
the temporal method, how would cost of goods sold be restated?
A) Beginning
of the year rate.
B) Average
rate.
C) Current
rate.
D) Historical
rate.
E) Composite
amount.
39. Under
the current rate method, how would cost of goods sold be restated?
A) Beginning
of the year rate.
B) Average
rate.
C) Current
rate.
D) Historical
rate.
E) Composite
amount.
40. How
is the disposition of the translated gain or loss reported on the parent
company’s financial statements?
A) Net
income/loss on the income statement.
B) Cumulative
translation adjustment as a deferred asset.
C) Cumulative
translation adjustment as a deferred liability.
D) Other
comprehensive income.
E) Retained
earnings.
41. How
is the disposition of the remeasurement gain or loss reported on the parent
company’s financial statements?
A) Net
income/loss on the income statement.
B) Cumulative
translation adjustment as a deferred asset.
C) Cumulative
translation adjustment as a deferred liability.
D) Other
comprehensive income.
E) Retained
earnings.
42. A
highly inflationary economy is defined as
A) Cumulative
5-year inflation in excess of 100%.
B) Cumulative
3-year inflation in excess of 100%.
C) Cumulative
5-year inflation in excess of 90%.
D) Cumulative
53year inflation in excess of 90%.
E) Any
country designated as a company operating in an underworld economy.
43. If
a subsidiary is operating in a highly inflationary economy, how are the
financial statements to be restated?
A) Historical
rate.
B) Working
capital rate.
C) Translation.
D) Remeasurement.
E) Current
rate.
44. When
consolidating a foreign subsidiary, which of the following statements is true?
A) Parent
reports a cumulative translation adjustment using the equity method.
B) Parent’s
reports a gain or loss in net income using the equity method.
C) Subsidiary’s
cumulative translation adjustment is carried forward to the consolidated
balance sheet.
D) Subsidiary’s income/loss is carried forward to the
consolidated balance sheet.
E) All
foreign currency gains/losses are eliminated on the consolidated income
statement and balance sheet.
45. When
preparing a consolidating statement of cash flows, which of the following
statements is false?
A) Subsidiary
dividends are deducted as a financing activity.
B) Noncontrolling
interest in subsidiary dividends are deducted as a financing activity.
C) Parent
dividends are deducted as a financing activity.
D) Amortization
of cost over book value of the investment in subsidiary is added to net income
as an operating activity using the indirect method.
E) Intercompany
gains do not appear on the consolidated statement of cash flows.
