Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

American Bankers Association Exam CTFA Topic 3 Question 68 Discussion

Actual exam question for American Bankers Association's CTFA exam
Question #: 68
Topic #: 3
[All CTFA Questions]

Financial statements of a self-sustaining foreign operation are translated using the current rate method whereby assets and liabilities are translated in the reporting currency using the exchange rate.

Show Suggested Answer Hide Answer
Suggested Answer: A

by Chi at Jun 23, 2024, 11:34 AM

Limited Time Offer

25%

Off

Get Premium CTFA Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
Terrilyn
9 months ago
Because in the current rate method, not only assets and liabilities are translated, but also income and expenses. So the answer is B) False.
upvoted 0 times
...
Jaclyn
9 months ago
Why do you think it's false?
upvoted 0 times
...
Terrilyn
9 months ago
I disagree, I believe the answer is B) False.
upvoted 0 times
...
Jaclyn
9 months ago
I think the answer is A) True.
upvoted 0 times
...
German
9 months ago
True, true, true! I've got this one in the bag. Although, come to think of it, when did finance become such a linguistic minefield?
upvoted 0 times
...
Titus
10 months ago
Current rate method, huh? Sounds like something out of a financial wizardry manual. I'll go with true, but I'm half-expecting a trick question.
upvoted 0 times
Dyan
9 months ago
Yeah, that's right. It helps in presenting the financial position accurately in the reporting currency.
upvoted 0 times
...
Dorethea
9 months ago
I think it's true too. The current rate method is used for translating financial statements of foreign operations.
upvoted 0 times
...
...
Laurene
10 months ago
Ah, the old currency translation dilemma. I think this is true, but I'd better review the textbook just to be sure.
upvoted 0 times
...
Samira
10 months ago
This is a tricky one! I remember learning about the current rate method, but I'm not sure if it applies to all foreign operations. Better double-check my notes.
upvoted 0 times
Ronna
9 months ago
B) False
upvoted 0 times
...
Alex
9 months ago
I think it's true because the current rate method is commonly used for translating financial statements of foreign operations.
upvoted 0 times
...
Ernest
9 months ago
A) True
upvoted 0 times
...
...

Save Cancel