1. A U.S parent has a subsidiary in Singapore if the parent's functional currency is the U.S dollar and the subsidiary's functional currency is the Singapore dollar; the consolidation process involves a. Both remeasurement and translation b. Only remeasurement c. Only translation d. No conversion to another currency 2. In the consolidated financial statements, translation gains and losses for an international subsidiary are reported a. In consolidated income b. In consolidated other comprehensive income C. As a direct adjustment to consolidated retained earnings d. As an adjustment to the investment in subsidiary account 3. In the remeasurement of foreign currency financial statements into the functional currency, which of the following accounts is remeasured at the historical rate a. Account payable b. Building C. Cash d. None of the above 4. Major attributes of a government include all of the following except a. A government must adhere to a legal budget b. Use of certain financial inflows is restricted by external organizations C. Governments do not have equity owners d. Matching of revenues to the cost of providing services is a key reporting concept 5. County activities involving economic assistance, health and safety, education and legislative services are categorized as a. Governmental activities b. Business activities c. Fiduciary activities d. Proprietary activities 6. Fiduciary funds of a state or local government include all of the following except a. Private purpose trust funds b. Custodial funds c. Investment trust funds d. Permanent funds