Accounting Quiz Ultimate Exam!

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

Current rate.

Average rate.

Composite amount.

Historical rate.

Beginning of the year rate.

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

Current rate.

Average rate.

Composite amount.

Historical rate.

Beginning of the year rate.

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

Current rate.

Average rate.

Composite amount.

Historical rate.

Beginning of the year rate.

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

Current rate.

Average rate.

Composite amount.

Historical rate.

Beginning of the year rate.

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

Current rate.

Average rate.

Composite amount.

Historical rate.

Beginning of the year rate.

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

Current rate.

Average rate.

Composite amount.

Historical rate.

Beginning of the year rate.

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

Cash, receivables, and most liabilities.

All assets and liabilities.

All noncurrent assets and liabilities.

All revenues and expenses.

All current assets and liabilities.

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

Cash, receivables, and most liabilities.

All assets and liabilities.

All noncurrent assets and liabilities.

All revenues and expenses.

All current assets and liabilities.

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

Current rate.

Average rate.

Composite amount.

Historical rate.

Beginning of the year rate.

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

Current rate.

Average rate.

Composite amount.

Historical rate.

Beginning of the year rate.