Question

In: Accounting

1.3. Match the terms in the list to the definitions below. Each term may be used...

1.3. Match the terms in the list to the definitions below. Each term may be used only once.

(1 point per question; 10 points total)

A. Translation F. Local currency

B. Restatement G. Functional currency

C. Temporal method H. Translation gain or loss

D. Current rate method I. FASB ASC subtopic 830-30

E. Reporting currency J. Cumulative translation adjustment

_____ 1. The currency of the country in which the company is domiciled

_____ 2. Changing FC to the currency of the financial statements

_____ 3. The FASB document which outlines the rules for translation

_____ 4. Changing FC to the currency which best reflects financial reality

_____ 5. The result of changing the financial statements from FC to US$

_____ 6. The currency used on the financial statements

_____ 7. A technique to restate the financial records to the functional currency

_____ 8. The currency which provides information most compatible with the economic effects of exchange rate differences

_____ 9. The translation method which changes the functional currency to the reporting currency

_____10. The equity account which reflects the economic effects of exchange rate differences

Expert Solution

		Answer
1	The currency of the country in which the company is domiciled	Functional Currency
2	Changing FC to the currency of the financial statements	Translation
3	The FASB document which outlines the rules for translation	FASB ASC subtopic 830-30
4	Changing FC to the currency which best reflects financial reality	Restatement
5	The result of changing the financial statements from FC to US$	Translation gain or loss
6	The currency used on the financial statements	Reporting Currency
7	A technique to restate the financial records to the functional currency	Temporal Method
8	The currency which provides information most compatible with the economic effects of exchange rate differences	Local Currency
9	The translation method which changes the functional currency to the reporting currency	Current Rate Method
10	The equity account which reflects the economic effects of exchange rate differences	Cumulative translation adjustment

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