12- Translating the individual financial statements of each subsidiary into unified functional currency for the purpose of preparing consolidated financial statements is referred to as: A- Financial statements translation B- Transaction translation C-Functional currency translation D- Financial statements consolidation 13- On 1/6/2014 (when the exchange rate was: 1 sterling pound=2 USS) a British company purchased and imported goods from American exporter for 1,500,000 USS, to be paid in 1/6/2015. In 31/12/2014 (the exchange rate was: 1 sterling pound=2.5 USS). The journal entry in the books of the American company on 31/12/20104 is: A-Debit: Inventories1000,000SP, Credit: Accounts Payable 1000,000SP B- No entry C-Debit: Inventories500,000SP, Credit: Accounts Payable500,000SP D-Debit: Accounts Receivable1000,000s, Credit: Sales1000,000$ 14- On 1/6/2014 (when the exchange rate was: 1 Sterling Pound=2 USS) a British company purchased and imported goods from American exporter for 1,000,000 USS, to be paid in 1/6/2015. In 31/12/2014 (the exchange rate was: 1 sterling pound=2.5 USS). In 2014, The British company should recognize exchange rate gain or loss with the amount of: A-Gain 100,000SP B-Loss 200,0005, C-Zero, D- Gain 150,000... E- None of the above 15- The accounting disclosure that includes forecasts of revenues, income, cash flows, capital expenditures and prospective information about future economic performance or position is: A-Segment disclosures. B- Social responsibility reporting. C- Special disclosures for non-domestic financial statement D- Disclosures of forward-looking information. E- Corporate governance disclosures. users