US.-based ABC.com wants to consolidate the U.K. subsidiary accounting and the China
subsidiary accounting into the U.S. parent accounting information. Both foreign subsidiaries
and the U.S. parent have different currencies and different calendars. Which correctly
describes the steps required before transferring balances to the U.S. parent?
A.
Run the revaluation process, post the revaluation journal, translate foreign currency, run
the Trial Balance Report in the translated currency in the subsidiary set of books, review the
Trial Balance to ensure accuracy.
B.
Translate the foreign currency, post the translated journal entry, revalue the balance
sheet accounts, run the Trial Balance Report in the translated currency in the subsidiary set
of books, review the Trial Balance to ensure accuracy.
C.
Run the revaluation process, post the revaluation journal, translate the foreign currency,
post the translated journal entry, run the Trial Balance Report in the translated currency in
the subsidiary set of books. Review the Trial Balance to ensure accuracy.