List the Two Primary Objectives of Translating Foreign Financial Statements

question 17

Essay

List the two primary objectives of translating foreign financial statements according to the FASB #52, which emphasizes the concept of the functional currency.?

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Definitions:

Surplus

The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific (above-equilibrium) price.

U.S. Dollar

The official currency of the United States, widely used as a standard of exchange in international transactions.

Imports

Goods and services purchased from other countries, bringing them into the domestic market for consumption or input into further production.

Exports

Goods or services sold by one country to other countries on the international market.