The Following Information Pertains to Questions

question 46

Multiple Choice

The following information pertains to questions
ABC Inc has a single wholly-owned American subsidiary called US1 based in Los Angeles,California which was acquired January 1,2014.US1 submitted its financial statements for 2014 to ABC.Selected exchange rates in effect throughout 2014 are shown below: US1 Financial Results for 2014 were as follows: Balance Sheet For questions 17 through 22,inclusively,assume that US1 is considered to be a self-sustaining subsidiary.
-Which of the following rates would be used to translate the company's assets and liabilities?

• A)$1CDN=$0.815 U.S.
• B)$1CDN=$0.8175 U.S.
• C)$1CDN=$0.8250 U.S.
• D)$1CDN=$0.83 U.S.

Understand the effects of financial transactions on the accounting equation.

Recognize the correct presentation of financial statements.

Distinguish between the various types of transactions and their impact on a company’s financial position.

Identify the characteristics of different forms of business entities.

---

Definitions:

Computer Forensics

The practice of collecting, analyzing, and reporting on digital data in a way that is legally admissible, often in the context of cybercrime.

Courtrooms

Designated spaces within judicial buildings where legal cases are heard and adjudicated by judges and sometimes juries.

Same Password

The practice of using an identical password across multiple accounts or systems, which poses a security risk.

Full Backup

A file backup that encompasses all files on a computer regardless of whether they have changed since the last backup.