In Implementing FASB 52

Multiple Choice

In implementing FASB 52,

A) the functional currency of the foreign entity must be translated into the reporting currency in which the consolidated statements are reported.
B) the local currency of a foreign entity may not always be its functional currency. If it is not, the temporal method of translation is used to remeasure the foreign entity's books into the functional currency.
C) the current rate method is used to translate from the functional currency to the reporting currency.
D) in some cases, a foreign entity's functional currency may be the same as the reporting currency, in which case translation is not necessary.
E) All of the above are true