Which Foreign Currency Translation Standard Uses the Following Objective: "For

question 25

Multiple Choice

Which foreign currency translation standard uses the following objective: "for the purpose of preparing an enterprise's financial statements, the objective of translation is to measure and express (a) in dollars and (b) in conformity with U.S. generally accepted accounting principles (GAAP) the assets, liabilities, revenues, or expenses that are measured or denominated in foreign currency."

• A) Accounting Research Study #12
• B) FASB Statement 8
• C) FASB Statement 52
• D) International Accounting Standard 14.

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Definitions:

Superior to Inferior

Describes a direction in anatomy going from the upper part of the body towards the lower part.

Pharynx

A muscular tube that connects the mouth and nasal cavities to the esophagus and larynx, serving both the respiratory and digestive systems.

Esophagus

Portion of the digestive tract between the pharynx and stomach.

Parietal Peritoneum

Layer of peritoneum lining the abdominal walls.