What Is Meant by the "Translation" of Foreign Currency Financial

question 48

Multiple Choice

What is meant by the "translation" of foreign currency financial statements?

• A) Converting financial statements prepared under foreign GAAP into domestic GAAP
• B) Converting financial statements of a foreign currency into a domestic currency
• C) Converting the language used in financial statements from foreign to domestic
• D) Converting historic cost financial statements into current cost financial statements

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Definitions:

Calculated Fields

Fields within databases or spreadsheets that generate values based on other data entries through specified formulas.

Addition And Subtraction

Basic mathematical operations that respectively increase or decrease a number or quantity.

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Sort Data

The process of arranging data in a specific order, either ascending or descending, often used in spreadsheets and databases.