SSim-Tech, a US corporation has subsidiaries in six foreign countries. 11.SSim-Tech's foreign currency transactions in the...
SSim-Tech, a US corporation has subsidiaries in six foreign countries.
11.SSim-Tech's foreign currency transactions in the swap market may simultaneously use _________ .
| average quarterly and year -end rates |
| a spot purchase and forward sale |
| spot sale and forward sale |
| spot purchase and forward purchase |
| none of the choices apply |
12.SSim-Tech's foreign currency transactions in the forward market may use _________ rates.
| premium or discounts to the spot rate |
| weighted average of the spot rate |
| quarterly spot |
| forward market |
| none of the choices apply |
13.SSim-Tech's foreign currency transactions in the spot market may use _________ rates.
| average |
| weighted average |
| direct or indirect |
| forward market |
| none of the choices apply |
14.SSim-Tech, a US corporation has subsidiaries in six foreign countries. SSim-Tech's functional currency is the ________.
| euros |
| weighted average of six currencies |
| direct or indirect rate |
| US dollar |
| none of the choices apply |
15.SSim-Tech, a US corporation has subsidiaries in six foreign countries. Five subsidiaries all us IFRS and one uses local GAAP. To prepare consolidated financial statements it must _________ .
| translate the subsidiaries financial statements into US dollars |
| translate the subsidiaries financial statements into Euros |
| restate US operations into IFRS |
| restate US operations and the one local GAAP subsidiary into IFRS |
| none of the choices apply |
16.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.
| average |
| weighted average |
| historical |
| current |
| none of the choices apply |
17.SSim-Tech, a US corporation has subsidiaries in six foreign countries. When SSim-Tech is preparing consolidated statements and is translating using a multiple rate method it would use the ________ exchange rates.
| average and current |
| historical and weighted average |
| historical and current |
| historical and average |
| none of the choices apply |
18.SSim-Tech, a US corporation has subsidiaries in six foreign countries. When SSim-Tech is preparing consolidated statements and is using the monetary-nonmonetary method it would use the ________ exchange rates to to translate monetary assets (claims to and obligations to pay a fixed amount in the future).
| average or weighted average |
| historical |
| current |
| year-end |
| none of the choices apply |
19.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 non-monetary items.
| average or weighted average |
| historical |
| current |
| year-end |
| none of the choices apply |
20.SSim-Tech, a US corporation has subsidiaries in six foreign countries. When SSim-Tech is preparing consolidated statements and is considering a deferral of any gains or losses. This deferral would presented as ___________.
| an item in equity |
| an item in expense |
| an item in income |
| either B or C |
| none of the choices apply |
Homework Answers
Answer to Question 11
a spot purchase and forward sale
Answer to Question 12
premium or discounts to the spot rate
Answer to Question 13
Forward Market
Answer to Question 14
US Dollars
Answer to Question 15
translate the subsidiaries financial statements into US dollars
Answer to Question 16
historical
Answer to Question 17
historical and current
Answer to Question 18
historical
Answer to Question 19
historical
Answer to Question 20
either B or c
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