1. Identify the classifications of long-term investments in bonds and stocks and apply the cost-adjusted-to-market and equity methods as appropriate.



2. Identify the uses of consolidated financial statements, prepare a consolidated balance sheet at acquisition date using the purchase method, and prepare a consolidated income statement.



3. Define exchange rate and record transactions that are affected by changes in foreign exchange rates.



4. Describe the restatement of a foreign subsidiary's financial statements in U.S. dollars.



5. Describe the progress toward international accounting standards.



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