CableTech, a US corporation, owns 100% of the Canadian company, Fiber Quebec.The Canadian dollar is the currency of record and the functional currency.
?
Required:
?
What currency exchange rate would be used to translate Fiber Quebec's accounts into US Dollars? Choose from current, simple average, weighted average, or historical.
?
a.Prepaid Insurance
b.Land
c.Common Stock
d.Bonds Payable
e.Sales
f.Goodwill
g.Allowance for Doubtful Accounts
h.Deferred Income Taxes

Question

CableTech, a US corporation, owns 100% of the Canadian company, Fiber Quebec.The Canadian dollar is the currency of record and the functional currency.
?
Required:
?
What currency exchange rate would be used to translate Fiber Quebec's accounts into US Dollars? Choose from current, simple average, weighted average, or historical.
?
a.Prepaid Insurance
b.Land
c.Common Stock
d.Bonds Payable
e.Sales
f.Goodwill
g.Allowance for Doubtful Accounts 
h.Deferred Income Taxes

Quizplus · Accepted Answer

The Answer of CableTech, a US corporation, owns 100% of the Canadian company, Fiber Quebec.The Canadian dollar is the currency of record and the functional currency.
?
Required:
?
What currency exchange rate would be used to translate Fiber Quebec's accounts into US Dollars? Choose from current, simple average, weighted average, or historical.
?
a.Prepaid Insurance
b.Land
c.Common Stock
d.Bonds Payable
e.Sales
f.Goodwill
g.Allowance for Doubtful Accounts 
h.Deferred Income Taxes

CableTech, a US Corporation, Owns 100% of the Canadian Company