Assume that ABCO is a U. S. multinational corporation. Its foreign subsidiaries must report income in their respective countries according to GAAP in those countries. How must ABCO report its consolidated financial statements?
A) ABCO must choose any one country's accounting standards and combine the subsidiary reports into the parent company's statements using that one country's GAAP.
B) Since the company is operating in several different countries, the International Accounting Standards must be used for the consolidated financial statements.
C) Since ABCO is a U. S. corporation, U. S. generally accepted accounting principles must be used for the consolidated financial statements.
D) On the consolidated financial statements, each subsidiary's financial results must be shown in the currency of the country where the subsidiary is located.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Assume that ABCO is a U. S. multinational corporation. Its foreign subsidiaries must report income in their respective countries according ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Shawn saw an ad in the newspaper that showed a new four-door sedan on sale for $14,999. when shawn arrived at the dealership, he was told the last sales model was just sold but that identical models were available for $16,999.
Answers (1)
the spot price of the euro is currently $1.30. The 1-year futures price is $1.35. Is the interest rate higher in the United States or the euro zone?
Answers (2)
The publisher from needs to change his calculations. Before the book is actually produced, rising paper costs increase variable costs to $2.10 per book.
Answers (1)
When a house that is in poor condition is located within a neighborhood where all the other properties are well kept, on this property this is an example of: a. Principal of Regression b. Principal of Progression c. Principal of Conformity d.
Answers (1)
Devine Linens (DL) must raise $14,000,000 to support future growth. If it raises the funds by issuing stock, DL must pay an investment banker 5 percent of the total amount issued plus $250,000 in other costs associated with the issue.
Answers (1)
New Questions in Business
Which financial statement shows a company's profits or losses over a period of time?
Answers (1)
Why do companies using a horizontal structure have cultures that emphasize openness, employee empowerment, and responsibility? What do you think a manager's job would be like in a horizontally organized company?
Answers (1)
One year a country has positive net exports. the next year it still has positive but larger net exports a. its trade surplus fell. b. its trade surplus rose. c. its trade deficit fell. d. its trade deficit rose.
Answers (1)
You are the production manager for the toy manufacturing process at the abc company. lumber company right arrow→ abc toy manufacturing company right arrow→ toy store at the mall an example of an internal supplier is a. the toy store at the mall. b.
Answers (1)
g Suppose you have a possible investment that costs $100 today but, starting one year from now, pays $5 in some years with probability 1/3, and in other years pays $10 with probability 1/3, and in other years pays 8$ with probability 1/3.
Answers (1)