For a US Multinational Corporation, Consolidating the Financial Statements of Foreign Subsidiaries

question 49

Multiple Choice

For a U.S. multinational corporation, consolidating the financial statements of foreign subsidiaries requires two steps. First, the foreign subsidiary's statements must be restated according to the U.S. GAAP. The next step is to:

• A) convert the account balances into U.S. dollars.
• B) determine the exchange rate gain or loss.
• C) calculate the translation adjustment.
• D) restate the income using international accounting standards.

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