ISP Has a Wholly Owned Subsidiary in China

question 1

Multiple Choice

ISP has a wholly owned subsidiary in China. This subsidiary is self-sufficient and does not rely on ISP for financing and sales. How should foreign exchange gains on translation of the subsidiary's statements to Canadian dollars be reported on ISP's consolidated financial statements?

• A)Gains should be reported under shareholders' equity.
• B)Gains should be reported on the statement of financial position as deferred credits and amortized in a systematic and rational manner.
• C)Gains from current net assets should be credited to income, and any gains from long-term nonmonetary assets should be deferred and amortized.
• D)Gains from current monetary assets should be credited to income and any gains from long-term monetary assets should be deferred and amortized.

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Definitions:

Reticular Formation

A network of nerve pathways in the brainstem involved in consciousness and alertness.

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The process of managing the physiological and psychological state of being alert or stimulated, often in relation to performance in stressful or demanding situations.

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The ability to move different parts of the body smoothly and efficiently to achieve a particular action or task.

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The part of the brain at the back of the skull in vertebrates, which coordinates and regulates muscular activity.