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American Bankers Association Exam CTFA Topic 3 Question 68 Discussion

Actual exam question for American Bankers Association's Certified Trust and Financial Advisor exam
Question #: 68
Topic #: 3
[All Certified Trust and Financial Advisor 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.

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Suggested Answer: A

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

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Terrilyn
3 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.
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Jaclyn
3 months ago
Why do you think it's false?
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Terrilyn
3 months ago
I disagree, I believe the answer is B) False.
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Jaclyn
3 months ago
I think the answer is A) True.
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German
3 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?
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Titus
3 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.
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Dyan
3 months ago
Yeah, that's right. It helps in presenting the financial position accurately in the reporting currency.
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Dorethea
3 months ago
I think it's true too. The current rate method is used for translating financial statements of foreign operations.
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Laurene
4 months ago
Ah, the old currency translation dilemma. I think this is true, but I'd better review the textbook just to be sure.
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Samira
4 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.
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Ronna
3 months ago
B) False
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Alex
3 months ago
I think it's true because the current rate method is commonly used for translating financial statements of foreign operations.
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Ernest
3 months ago
A) True
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