According to your authors, the main purpose of translation is

It is possible to use different exchange rates for different line items on a financial statement.

Historical exchange rates may be used for …… , while current exchange rates may be used for …...

If an imbalance results from the accounting method used for translation, the imbalance is taken either to…..or …….

The ………determines accounting policy for U.S. firms.

The two basic methods for the translation of foreign subsidiary financial statements are the…….method and the …….. method.

The temporal rate method is the most prevalent method today for the translation of financial statements.

Gains or losses caused by translation adjustments when using the current rate method are reported separately on the…….. .

The biggest advantage of the current rate method of reporting translation adjustments is the fact that the gain or loss goes directly to the reserve account on the consolidated balance sheet and does not pass through the consolidated income statement.

Under the current rate method, specific assets and liabilities are translated at exchange rates consistent with the timing of the item's creation.

The main technique to minimize translation exposure is called a/an …….. hedge.