Which of he following defines a foreign-based entity that, Ask an Expert

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Which of he following defines a foreign-based entity that uses a functional currency different from the local currency?

I. A U.S. subsidiary in Britain maintains its accounting records in pounds sterling, with the majority of its transactions denominated in pounds sterling.

II. A U.S. subsidiary in Peru conducts virtually all of its business in Latin America, and uses the U.S. dollar as its major currency.

A. I.

B. II.

C. Both I and II.

D. Neither I nor II.

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Accounting Basics, Accounting

Category:- Accounting Basics
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