Dilty Corp

question 71

Multiple Choice

Dilty Corp. owned a subsidiary in France. Dilty concluded that the subsidiary's functional currency was the U.S. dollar.
What must Dilty do to ready the subsidiary's financial statements for consolidation?

• A) first translate them, then remeasure them.
• B) first remeasure them, then translate them.
• C) state all of the subsidiary's accounts in U.S. dollars using the exchange rate in effect at the balance sheet date.
• D) translate them.
• E) remeasure them.

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Definitions:

Work in Process Inventory

The value of materials, labor, and overhead costs for products that are partially completed in the manufacturing process.

Overapplied Overhead

A situation in cost accounting where the allocated manufacturing overhead costs are more than the actual overhead costs incurred.

Underapplied Overhead

Occurs when the allocated or applied overhead costs in the production process are less than the actual overhead costs incurred.

Manufacturing Overhead Account

An accounting category that records the indirect costs associated with producing goods, such as utilities for the factory or salaries for the maintenance staff.