45) Partnership accounting is different because:
A) revenue and expenses are not recorded on the income statementthe capital accounts of
B) the partners are the primary focus
C) it overlooks typical financial accounting practices ofrecording transactions
D) it focuses on recording revenue and expenses for partners
46. Financial statements may be eitherTranslated or Remeasured. How does management determine whichmethod to use?
A) The method selected should be the one that is less detrimentalto reporting earnings
B) The method selected isbased on currency used for most transactions (typically the localcurrency or U.S. dollars)
C) The method is selectedbased on the manager's discretion
D) The method is selected based onthe country in which business is conducted
47. Which of the following is most likely trueabout speculative transactions and forecasted transactions?
A) Forecasted transactions are less risky than speculativetransactions because forecasted transactions are based on thehistorical pattern of purchase/sale, while speculative transactionsare just gambles.
B) Both forecastedtransactions and speculative transactions are equally risky becauseneither are based on purchases/sales of products.
C) Forecasted transactions aremore risky than speculative transactions because forecastedtransactions are based on the historical pattern of purchase/sale,while speculative transactions rely on solid projections of futureevents.
D) Neither forecasted transactionsnor speculative transactions are risky because the company isassured of a return in the future.