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 |
| | none of the choices apply |
13.SSim-Tech's foreign currency transactions in the spot market may use _________ rates.
| | none of the choices apply |
14.SSim-Tech, a US corporation has subsidiaries in six foreign countries. SSim-Tech's functional currency is the ________.
| | weighted average of six currencies |
| | 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.
| | 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.
| | historical and weighted 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 |
| | 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 |
| | 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 ___________.
| | none of the choices apply |
