42. The equity investment account is not recognized in the case of foreign subsidiaries. is reported at fair value on the consolidated balance sheet with unrealized gains or losses reflected in Accumulated Other Comprehensive Income (AOCI). is updated for both the change in the cumulative translation adjustment and for AAP translation gains or losses. is updated for only the change in the cumulative translation adjustment and not for AAP translation gains or losses. A) B) d) D) 43. Monetary assets and liabilities are ssets and liabilities A) B) C) D) which include only cash and marketable securities. which are measured at fair value whose amounts are fixed in terms of units of currency by contract or otherwise. All of the above 44. Which of the following best describes the cumulative translation adjustment? A) The cumulative translation adjustment is a plug figure to balance the trial ba nce. B) C) D) Changes in the cumulative translation adjustment are reflected in net income for the period The cumulative translation adjustment reflects changes in the fair values of marketable securities on the balance sheet. The cumulative translation adjustment can only be a positive dollar amount. 45. Which of the following best describes the translation of the statement of cash flows? A) The statement of cash flows is prepared from the translated comparative balance sheet and income statement. rate on the statement date. exchange rate for all line items except significant one-time transactions. s auc tranlated at the curent exchange C) Translation of the statement of cash flows generally utilizes the weighted average D) None of the above are true