Accounting Quiz2
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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.
- 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.
- 3.Under the current rate method, inventory at 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.
- 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.
- 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.
- 6.Under the current rate method, 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.
- 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.
- 8.Under the current rate method, how would cost of goods sold be translated?
- A.
Current rate.
- B.
Average rate.
- C.
Composite amount.
- D.
Historical rate.
- E.
Beginning of the year 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.
- 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.
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