The consolidation procedure for foreign subsidiaries is the same as the one for domestic subsidiaries except that the financial statements of the foreign subsidiary must be restated in:
a. the functional currency.
b. the exchange currency.
c. the reporting currency.
d. none of these.
c
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Which of the following items are registered audit firms not required to report to the audit committee?
a. Critical accounting policies and practices. b. Alternative treatments of financial information within generally accepted accounting principles that have been considered by management, as well as the preferred treatment of the audit firm. c. A list of all audit procedures performed. d. Significant written communications between the audit firm and management.
Explain the ideas emphasized by the behavioral viewpoint. List the three phases of development of the behavioral viewpoint and discuss at least one major contribution and its pioneer from each of the first two phases.
What will be an ideal response?
Generally avoid walking into the "U" when the tables are in a "U"-shaped arrangement
a. true b. false
Informational reports emphasize reasoning and conclusions; analytical reports emphasize facts
Indicate whether the statement is true or false