FASB No. 52 is a statement issued by the Financial Accounting Standards Board requiring American MNCs to first convert the financial statement accounts of foreign subsidiaries into the country's functional currency and then translate the accounts into the parent firm's currency using the method.

all-current-rate method

Explanation:

The all-current-rate method is the method by which most items in the financial statements are translated at the current exchange rate

In current-rate-method,

the income statement is translated at the weighted average exchange rate,

assets and liabilities are translated at the current rate, issued capital stock is translated at the exchange rate.

The balance sheet must be balanced. Cumulative Translation Adjustment (CTA) balances the asset side of the balance sheet with the liabilities and owner’s equity side of the balance sheet.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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