Accounting Quiz2

10 Questions | Total Attempts: 227

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Accounting Quizzes & Trivia

Questions and Answers
  • 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.