REFERENCE: Ref.10_05 a Subsidiary of Porter Inc. ,A U.S.company,was Located in a in a Foreign

question 6

Multiple Choice

REFERENCE: Ref.10_05
A subsidiary of Porter Inc. ,a U.S.company,was located in a foreign country.The functional currency of this subsidiary was the stickle (§) .The subsidiary acquired inventory on credit on November 1,2008,for §120,000 that was sold on January 17,2009 for §156,000.The subsidiary paid for the inventory on January 31,2009.Currency exchange rates between the dollar and the stickle were as follows:

-A historical exchange rate for a foreign subsidiary is best described as

• A)The rate at date of acquisition for a purchase transaction.
• B)The rate when the common stock was originally issued for a purchase transaction.
• C)The average rate from date of acquisition to the date of balance sheet.
• D)The rate from the prior year's balances.
• E)The January 1 exchange rate.

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Definitions:

Religiosity

The degree of religious influence on an individual, encompassing beliefs, practices, and how deeply religion is intertwined with one's life.

Civil Religion

A concept where common religious or quasi-religious beliefs and practices unite a society, typically involving patriotic symbols, rituals, and ceremonies that have a sacred quality.

Functionalist Sociologists

study society from a functionalist perspective, focusing on how various social institutions and processes function to maintain societal stability and equilibrium.

Cultural Reforms

Changes and improvements made within a society to alter its cultural practices, norms, and institutions, often aiming at social progress.