Assume That ABCO Is a U

question 49

Multiple Choice

Assume that ABCO is a U.S.multinational corporation. Its foreign subsidiaries must report income in their respective countries according to GAAP in those countries. How must ABCO report its consolidated financial statements?

• A)ABCO must choose any one country's accounting standards and combine the subsidiary reports into the parent company's statements using that one country's GAAP.
• B)Since the company is operating in several different countries,the International Accounting Standards must be used for the consolidated financial statements.
• C)Since ABCO is a U.S.corporation,U.S.generally accepted accounting principles must be used for the consolidated financial statements.
• D)On the consolidated financial statements,each subsidiary's financial results must be shown in the currency of the country where the subsidiary is located.

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