The head office of ABCCorporation is at New York, and it has a branch in Tokyo. Their ledgers
have the same chart of accounts and calendar. The New York ledger uses USD, whereas the
Tokyo ledger uses JPY as the functional currency. ABC Corporation has a requirement that all its
branch transactions-subledger journals, General Ledger journal entries, and balances at Tokyowill
have to be routinely reported in USD to New York. As an implementation consultant, which
reporting currency conversion would you suggest for ABC Corporation?
A.
Balance-level reporting currency only
B.
Subledger-level reporting currency only
C.
Both journal-level and balance-level reporting currency
D.
Bothsubledger-level and balance-level reporting currency