How does the partial equity method differ from the equity method?
A. In the total assets reported on the consolidated balance sheet.
B. In the total liabilities reported on the consolidated balance sheet.
C. Under the partial equity method, subsidiary income does not increase the balance in the parent's investment account.
D. Under the partial equity method, the balance in the investment account is not decreased by amortization on allocations made in the acquisition of the subsidiary.
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For a foreign subsidiary that uses the U.S. dollar as its functional currency, what method is required to ready the financial statements for consolidation?
A. Temporal Method.
B. Current Rate Method.
Current/Noncurrent Method.
D. Monetary/Nonmonetary Method.
In accounting for foreign currency transaction, which of the following approaches is used in the United States?
A. One-transaction perspective; defer foreign exchange gains and losses.
B. Two-transaction perspective; defer foreign exchange gains and losses.
C. Two-transaction perspective; accrue foreign exchange gains and losses.
D. One-transaction perspective; accrue foreign exchange gains and losses.
Which statement is true regarding a foreign currency option?
A foreign currency option gives the holder the obligation to buy or sell foreign currency in the future.
B. A foreign currency option gives the holder the obligation to only sell foreign currency in the future.
C. A foreign currency option gives the holder the obligation to only buy foreign currency in the future.
D. A foreign currency option gives the holder the right but not the obligation to buy or sell foreign currency in the future.
Montgomery owned 75% of Noir Inc., and Noir owned 15% of Montgomery. This pattern of ownership would be called:
A. Mutual ownership.
B. Direct control.
C. Indirect control.
D. An affiliated group.
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