The Method Used to Translate Financial Statements Prepared in the Functional

question 29

Multiple Choice

The method used to translate financial statements prepared in the functional currency into the presentation currency is known as the:

• A) temporal method.
• B) functional method.
• C) current rate method.
• D) presentation method.

---

Definitions:

Bylaws

Rules and regulations that govern a corporation’s internal management.

Affiliated Directors

Members of a company's board who have a relationship with the company outside of their directorship, potentially through business, family, or significant financial ties.

Business Contacts

Individuals or entities with whom a person or company engages for the purpose of conducting business or exchanging information.

Corporation

A corporation is a legal entity that is separate and distinct from its owners, capable of owning property, entering into contracts, and being sued.