A Foreign Currency Translation Adjustment Is Reported As

question 123

Multiple Choice

A foreign currency translation adjustment is reported as:

• A)Other comprehensive income on statement of comprehensive income.
• B)Other comprehensive income on combined statement of income and comprehensive income.
• C)Accumulated other comprehensive income on the balance sheet.
• D)all of the above.

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Definitions:

Cost of Goods Sold

The specific expenses directly tied to the manufacturing of products sold by a business, such as costs for materials and labor.

Percentage

A fraction or ratio expressed as a part of one hundred, used to describe proportions or compare values.

Retail Inventory Method

An accounting procedure for estimating inventory value by applying a percentage cost-to-retail price.

Inventory Value

The total cost or market value of all items held in inventory, including raw materials, work-in-progress, and finished goods.