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Under U.S. GAAP, what method of translating foreign currency financial statements must be used for subsidiaries in highly inflationary economies?
Permanent/Temporary
Refers to the classification of accounts where permanent accounts are balance sheet items that carry over into the next fiscal period, and temporary accounts are income statement items that are closed to equity at the end of the fiscal period.
Normal Balance
Reflects the expected balance orientation (debit for assets and expenses, credit for liabilities, equity, and revenues) of an account in double-entry bookkeeping.
Financial Statement
A written record that conveys the business activities and financial performance of a company, typically including the balance sheet, income statement, and cash flow statement.
Permanent/Temporary
Refers to accounts on a company's balance sheet that are carried over from one accounting period to the next, with permanent indicating long-term accounts and temporary indicating accounts that are closed at the end of each period.
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