Accounting Quiz Ultimate Exam!

10 Questions | By Baybayev | Updated: Mar 21, 2022 | Attempts: 241

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1.

Which accounts are remeasured (remeasurement method) using current exchange rates?
- A.
  
  Cash, receivables, and most liabilities.
- B.
  
  All assets and liabilities.
- C.
  
  All noncurrent assets and liabilities.
- D.
  
  All revenues and expenses.
- E.
  
  All current assets and liabilities.
Correct Answer
A. Cash, receivables, and most liabilities.
2.

Which accounts are translated (current method) using current exchange rates?
- A.
  
  Cash, receivables, and most liabilities.
- B.
  
  All assets and liabilities.
- C.
  
  All noncurrent assets and liabilities.
- D.
  
  All revenues and expenses.
- E.
  
  All current assets and liabilities.
Correct Answer
B. All assets and liabilities.
3.

Under the current rate method, inventory at the market would be translated at what rate?
- A.
  
  Current rate.
- B.
  
  Average rate.
- C.
  
  Composite amount.
- D.
  
  Historical rate.
- E.
  
  Beginning of the year rate.
Correct Answer
A. Current rate.
4.

Under the current rate method, property, plant & equipment would be translated at what rate?
- A.
  
  Current rate.
- B.
  
  Average rate.
- C.
  
  Composite amount.
- D.
  
  Historical rate.
- E.
  
  Beginning of the year rate.
Correct Answer
A. Current rate.
5.

Under the current rate method, depreciation expense would be translated at what rate?
- A.
  
  Current rate.
- B.
  
  Average rate.
- C.
  
  Composite amount.
- D.
  
  Historical rate.
- E.
  
  Beginning of the year rate.
Correct Answer
B. Average rate.
6.

Under the current rate method, the common stock would be translated at what rate?
- A.
  
  Current rate.
- B.
  
  Average rate.
- C.
  
  Composite amount.
- D.
  
  Historical rate.
- E.
  
  Beginning of the year rate.
Correct Answer
D. Historical rate.
7.

Under the current rate method, retained earnings would be translated at what rate?
- A.
  
  Current rate.
- B.
  
  Average rate.
- C.
  
  Composite amount.
- D.
  
  Historical rate.
- E.
  
  Beginning of the year rate.
Correct Answer
C. Composite amount.
8.

Under the current rate method, how would the cost of goods sold be translated?
- A.
  
  Current rate.
- B.
  
  Average rate.
- C.
  
  Composite amount.
- D.
  
  Historical rate.
- E.
  
  Beginning of the year rate.
Correct Answer
B. Average rate.
9.

Under the remeasurement method, retained earnings would be remeasured at what rate?
- A.
  
  Current rate.
- B.
  
  Average rate.
- C.
  
  Composite amount.
- D.
  
  Historical rate.
- E.
  
  Beginning of the year rate.
Correct Answer
C. Composite amount.
10.

Under the remeasurement method, depreciation expense would be remeasured at what rate?
- A.
  
  Current rate.
- B.
  
  Average rate.
- C.
  
  Composite amount.
- D.
  
  Historical rate.
- E.
  
  Beginning of the year rate.
Correct Answer
D. Historical rate.

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Current Version
Mar 21, 2022

Quiz Edited by
ProProfs Editorial Team
Apr 24, 2012

Quiz Created by
Baybayev

Accounting Quiz Ultimate Exam!

Which accounts are remeasured (remeasurement method) using current exchange rates?

Which accounts are translated (current method) using current exchange rates?

Under the current rate method, inventory at the market would be translated at what rate?

Under the current rate method, property, plant & equipment would be translated at what rate?

Under the current rate method, depreciation expense would be translated at what rate?

Under the current rate method, the common stock would be translated at what rate?

Under the current rate method, retained earnings would be translated at what rate?

Under the current rate method, how would the cost of goods sold be translated?

Under the remeasurement method, retained earnings would be remeasured at what rate?

Under the remeasurement method, depreciation expense would be remeasured at what rate?