According to chegg policy, four questions are answered in a question. Please answer the following:

21. For a U.S. multinational corporation, consolidating the financial statements of foreign subsidiaries requires two steps. First, the foreign subsidiary's statements must be restated according to the U.S. GAAP. The next step is to: * (1 Point) determine the exchange rate gain or loss convert the account balances into U.S. dollars. calculate the translation adjustment. restate the income using international accounting standards. 22. What term is used to refer to the decision about whether to report an item in the financial statements? (1 Point) Recognition Capitalization Realization Conservatism 19. Which of the following statements is true about accounting convergence? * (1 Point) Convergence is a synonym for harmonization. Convergence, unlike harmonization, takes place over a period of time. Convergence means developing high-quality standards in partnership with national standard-setters. Convergence is the opposite of standardization. 20. UK companies sort their assets and liabilities in order of their liquidity. * (1 Point) True False