Under the U

question 19

Multiple Choice

Under the U.S. method of translation procedures, if the financial statements of the foreign subsidiary of a U.S. company are maintained in the local currency, and the U.S. dollar is the functional currency, then:

• A) translation is not required.
• B) translation is accomplished through the current rate method.
• C) translation is accomplished through the temporal method.
• D) none of the above

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Definitions:

Stagnation

A state of inactivity or lack of growth and development in an economy, market, or industry.

Legal Realism

Legal Realism is a school of legal thought that emphasizes the real-world outcomes of law and legal processes over the abstract formulations of statutes and legal principles.

Courts of Chancery

Historical courts in England and later some states in the US, dealing with cases involving equity, including trusts, land law, and guardianships.

Common-law Courts

are courts that base their decisions on the principles and traditions of common law, which is law developed through court decisions over time, as opposed to statutory laws.