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Simon Company Has Two Foreign Subsidiaries

question 17

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Simon Company has two foreign subsidiaries. One is located in France, the other in England. Simon has determined the U.S. dollar is the functional currency for the French subsidiary, while the British pound is the functional currency for the English subsidiary. Both subsidiaries maintain their books and records in their respective local currencies. What methods will Simon use to convert each of the subsidiary's financial statements into U.S. dollars? Simon Company has two foreign subsidiaries. One is located in France, the other in England. Simon has determined the U.S. dollar is the functional currency for the French subsidiary, while the British pound is the functional currency for the English subsidiary. Both subsidiaries maintain their books and records in their respective local currencies. What methods will Simon use to convert each of the subsidiary's financial statements into U.S. dollars?   A)  Option A B)  Option B C)  Option C D)  Option D


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Paralegal

A person trained in subsidiary legal matters but not fully qualified as a lawyer, who assists attorneys in their legal work.

AAfPE

The American Association for Paralegal Education, an organization promoting quality paralegal education and training.

ABA

An acronym that stands for the American Bar Association, a professional organization for lawyers in the United States.

Paralegal Education

An academic program or training that prepares students to assist lawyers in their legal work, including research, drafting documents, and case management.

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