第三章练习国际会计题ppt课件.pptx

一 SingleChoice1 Whichofthefollowingtranslationmethodissingleratemethod B ATemporalmethodB CurrentratemethodC Monetary non monetarymethodD Current non currentmethod2 viewsmonetaryassetsandliabilitiesexposedtothesameexchangeexposure B A CurrentratemethodB Monetary non monetarymethodC Current non currentmethodD Temporalmethod 3 UnderSFASNO 52 theprimarycurrencyinwhichacompanyconductsitsbusinessiscalled B A CorecurrencyB FunctionalcurrencyC HardcurrencyD Convertiblecurrency4 Aforwardcontractisanagreementto C A BuyaforeigncurrencyinthefutureatavariablerateB SellaforeigncurrencyinthefutureatasetrateC BuyorsellaforeigncurrencyinthefutureatasetrateD Noneoftheabove 5 Whichofthefollowingsisanon monetaryitem D A CashB AccountspayableC NotesreceivableD Equipment6 UnderSFASNO 52 thetemporalmethodoftranslationisusedwhen C A ThelocalcurrencyisthefunctionalcurrencyB ThelocalcurrencyisthereportingcurrencyC Theparent scurrencyisthefunctionalcurrencyD Theparent scurrencyisthereportingcurrency 二 MultipleChoice 1 WhichtranslationmethodsputforeigntranslationgainsorlossesinIncomeStatement BCD A CurrentratemethodB Monetary non monetarymethodC Current non currentmethodD TemporalmethodE Historicratemethod 2 Whichitemsinfollowsaremonetaryitems BCE A InventoryB AccountsReceivableC Long termdebtsD NetFixedAssetE Cash 3 Inforeigncurrencytranslationmethods whichmethodstranslateBalancesheetatfirst BCD A CurrentratemethodB Monetary non monetarymethodC Current non currentmethodD TemporalmethodE Historicratemethod 4 Foreigncurrencytransactionincludes ABCD A spottransactionB forwardcontractC currencyoptionD currencyswapE currencytranslation 5 Therearethreetypesofforeignexchangeexposure Theyare ACD A TranslationexposureB ExchangerateexposureC TransactionexposureD EconomicexposureE Foreigncurrencyexposure 6 Whichoffollowingforeignexchangeexposuresarenotincludedintransactionexposure CE A BillingexposureB QuotationexposureC TranslationexposureD BacklogexposureE Economicexposure 7 Whichofthefollowingsituationscanarisetransactionexposure ABCDE A Borrowingfundsinaforeigncurrency B Engagingincontractstobuyorsellforeigncurrencyatafuturedate C Buyingoncreditgoodsorserviceswhosepricesarecontractuallydenominatedinforeigncurrencies D Sellingoncreditgoodsorserviceswhosepricesarecontractuallydenominatedinforeigncurrencies E Lendingfundsinaforeigncurrency 三 TrueorFalse1 Ifthespotrateislowerthantheforwardrateforaparticularcurrency thenthatcurrencywouldbesellingatapremium T 2 Currencyoptionisacontractthatprovidestherightandtheobligationtotradeaforeigncurrencyatasetexchangerateonorbeforeagivendateinthefuture F 3 Bidrateisthepriceatwhichafinancialinstitutioniswillingtosellacurrency F 4 Indirectquoteisthepriceofoneunitoftheforeigncurrencypricedinthedomesticcurrency F 5 Directquoteisthepriceofoneunitoftheforeigncurrencypricedinthedomesticcurrency T 6 InCurrentRateMethod allitemsinBalanceSheetaretranslatedatthecurrentrate F 7 TemporalMethodonlychangesthemonetaryunitofmeasurementnottheattributeofmeasurement T 8 SFASNO 8essentiallymandatedthatU S companiesrequiredtotranslateforeigncurrencyamountsinpreparingconsolidatedfinancialstatementsusethecurrentmethod F 9 Currencyoptionisacontractthatprovidestherightbutnottheobligationtotradeaforeigncurrencyatasetexchangerateafteragivendate F 四 BriefAnswer1 What sthedefinitionforaFunctionalCurrencyinFASBStatementNo 52 WhatarethethreecircumstancesthataFunctionalCurrencybeenChosen regardingwhichcountrythefunctionalcurrencybelongsto Andwhattranslationmethodshouldbeusedineachcircumstance FunctionalCurrencyisthecurrencyoftheprimaryeconomicenvironmentinwhichtheforeignsubsidiaryoperatesandgeneratescashflows 1 theLocalCurrencyisthefunctionalcurrencyCurrentRateMethod 2 theParent sCurrencyisthefunctionalcurrencyTemporalMethod3 Currencyofathirdcountryisthefunctionalcurrency atwo steptranslationprocess Localcurrencytothefunctionalcurrencyusingthetemporalmethod thefunctionalcurrencytotheparentcurrencyusingthecurrentratemethod 2 Pleasewritedowntheconceptofforeignexchangeexposureandits threekinds Ameasureofthepotentialforafirm sprofitability cashflow andmarketvaluetochangebecauseofachangeinexchangeratesTranslationexposureTransactionexposureEconomicexposure 3 PleasewritedowntheDifferentassumesoffourforeigncurrencytranslationmethods Differentassumes WhichassetsandliabilitiesaresubjecttoforeigncurrencyexposureCurrentratemethod allassetsandliabilitiesfacecurrencyrisk 2 Monetary non monetarymethod onlythemonetaryitemsfacecurrencyrisk 2 Current non currentmethod onlythecurrentitemsfacecurrencyrisk 2 Temporalmethod adjustbalancesheetitemsaccordingtothevaluationbasisusedinfinancialstatements 2 4 Pleaseinterpret Bidrate Askrate theSpreadbetweenbidrateandaskrate Bidrate buyrate thepriceatwhichafinancialinstitutioniswillingtobuyacurrency 4 Askrate sellrate offerrate thepriceatwhichfinancialinstitutioniswillingtosellacurrency 4 Thespread differencebetweenthebidandaskrates 2 5 Pleasewritedownfourkindsofforeigncurrencytransactionandgivethedefinition SpotTransaction Exchangeonecurrencyforanotheratanexchangeratequotedforimmediatedeliveryorwithin2businessdays 3 ForwardContract Participantscontracttodayforfuturedeliveryofforeigncurrency 3 Currencyoptionisacontractthatprovidestherightbutnottheobligationtotradeaforeigncurrencyatasetexchangerateonorbeforeagivendateinthefuture 2 Currencysatransactionthatinvolvesasimultaneouspurchaseandsaleoftwodifferentcurrencies withthepurchasebeingeffectiveatonceandthesalebacktothesamepartyatapriceagreedupontodaybuttobecompletedataspecifiedfuturedate 2 6 Defineandcompare ForeignTransaction ForeignCurrencyTransaction ForeignCurrencyTranslationandForeignOperation Foreigntransaction financialtransactionsbetweenothercountries 2 Foreigncurrencytransaction onethatrequiressettlementinacurrencyotherthantheentity sfunctionalcurrency 2 Foreigncurrencytranslation Processofexpressingfinancialstatementsdenominatedinonecurrencyintermsofasecondcurrencyforspecialpurposes 2 Foreignoperation Asubsidiary associate jointventure orbranchwhoseactivitiesarebasedinacountryotherthanthatofthereportingenterprise 2 Differences 2 Noteveryforeigntransactionisdenominatedinaforeigncurrency butforeigncurrencytransactionis TransactionGain Lossisrealizedandaffectsthecashflowsofthecompany whereasTranslationGain Lossisnot 7 Whatarethefourmethodsinforeigncurrencytranslation I II III IV PleasewritedownthetypeofexchangeratesusedineachmethodforEquipment Long termReceivables Inventories CostandMarket RetainedearningsandDepreciationexpense A AverageexchangerateforthecurrentperiodC CurrentexchangerateatbalancesheetdateH HistoricalexchangerateB Balancing residualorplug figure 五 CaseProblem1 AssumethataChinesecompanyGoldDragonhasthefollowingtransactionwithasupplierintheUSEagleCo OnNovember15 2012 inventorywasacquiredfromEagleCo for30000USDollars Paymentisdueon15thJanuary 2013 Assumethespotexchangeratesfortherelevantdaysareasfollows 15thNovember 20121USD 6 0RMB31stDecember 20131USD 5 0RMB15thJanuary 20131USD 7 0RMBPleasewriteouttheentriesofGoldDragonrelatedtopurchasefromEagleCo accordingtoone transactionapproach 1 1 November15 2011Dr Inventory 180000 2 Cr AccountsPayable 180000 2 December31 2011Dr AccountsPayable 3000 2 Cr Inventory 3000 1 3 January15 2012Dr Inventory 6000 2 Cr AccountsPayable 6000 4 January15 2012Dr AccountsPayable 210000 2 Cr Cash 或bankdeposits 210000 或者 合并 3 4 Dr AccountsPayable 150000 4 Inventory 6000Cr Cash 或bankdeposits 210000 2 IfacompanyinChinahas8000Australiandollar andneedstoconvertthemtoEuro AssumingthatthecurrentforeignexchangeratesinBankofChinawhentheexchangecommencedareasfollowing BidRateAskRateAUD100RMB 600RMB 700EUR100RMB 800RMB 900CalculatehowmuchEurothiscompanycanconvertfrom8000AustralianDollars Pleasewriteoutyourcalculation 2toconvert 8000AustraliandollartoEuro itneedstouseAustraliandollartobuyRMBfirst thenuseRMBtobuyEuro AUD8000 x 600 100 RMB48000 5 RMB48000 900 100 EUR5333 33 5 或者AUD8000 x 600 900 EUR5333 3310 3 BelowisasectionoftheconsolidatedbalancesheetofMendeleyCorporation U K fromthecompany s2012annualreport TranslatetheGBPbalancesheetofMendeleyCorporationintoU S dollarsusingfourdifferenttranslationsmethods andfilltheresultsintorightsideoftableprovidedintheanswersheet CurrentExchangeRate 1GBP 2USDHistoricalExchangeRate 1GBP 1USDCalculate to andthenexplainwhichofthefourforeigncurrencymethodswouldMendeleyCorporationprefer 3 Answer MendeleyCorporationwouldprefertouseCurrent Non currentMethod becauseonlywiththismethod ithaspositivebalancefromthetwoaccountslisted Inventories Marketisasset whereasLong termDebtisliability andthebalanceofthesetwoitemsusingasset liabilitywitheachmethodis 20000 10000 40000 20000 4 GatorCorporation U S purchasedequipmentworth2millionSwissfrancsfromHoldstet Switzerland atthebeginningoftheyear ThetransactionwasdenominatedinSwissfrancs TheexchangerateatthattimewasUS 0 65 1SFr However duetoastrongereconomy theSwissfranchadstrengthenedagainsttheU S dollarresultinginanexchangerateofUS 0 70 1SFratyearend 1 Determinethetransactiongain lossthatGatorCorporationwillreportinitsyear endincomestatement 2 Determinethetransactiongain lossthatHoldstetCorporationwillreportinitsyear endincomestatementandgiveyourreasons 4 1 Loss 2 2 000 000 0 7 0 65 100 000 3 2 0 2 becausethistransactioninHoldstetCorporationisn tforeigncurrencytransaction 3 5 AssumethataU S companyhasthefollowingtransactionwithasupplierinJapan OnNovember15 2012 inventorywasacquiredfromSatohcom for10 000 000JapaneseYen PaymentisdueonJanuary15 2013 Theindirectspotexchangeratesfortherelevantdaysareasfollows November15US 1 130yenDecember31US 1 125yenJanuary15US 1 120yen 红字部分变成 AskRateBidRateUS 1 125yenUS 1 120yenUS 1 120yenUS 1 115yen取AskRatePleasewriteouttheentriesrelatedtopurchasefromSatohcom accordingtotwo transactionapproach 5 1 Dr Inventory76923 08 3 Cr AccountsPayable76923 08 2 Dr Exchangegainsandlosses3076 92 3 或Dr Foreignexchangelosses Cr AccountsPayable3076 92 5 3 Dr Exchangegainsandlosses3333 33 2 Cr AccountsPayable3333 33 4 Dr AccountsPayable83333 33 2 Cr Cash83333 33Or 3 4 canbecombinedintooneentry 4 Dr AccountsPayable80000Exchangegainsandlosses3333 33Cr Cash83333 33 6 Information ImportantfinancialdatafortheChinesesubsidiaryofPearCompany U S forthe2011fiscalyearisshownbelow a NetSales 8 000 millionsRMB b GrossProfit 5 000 millionsRMB c IncomebeforeTaxes 2 100 millionsRMB d NetIncome 1 500 millionsRMB Assumethefollowingaverageexchangeratesfortheyear ChineseYuanperU S dollars 1 8 02 7 03 9 04 6 0Demand Usingeachexchangerate makeatableconvertinga b c andd intoU S dollars DeterminewhichexchangerateproducesthemostfavorableresultsinU S dollars 6 iv Thelowest 1 6rate providethemostfavorableresult becauseitwillshowthebiggestincomeforPearcompany 2 7 AU S firmimportsequipmentfromGermanyonMarch1for 300000whentheexchangerateis 1 3112 euro PaymentineurodoesnothavetobemadeuntilApril30 March31 theexchangerateis 1 3500 euroApril30 theexchangerateis 1 3300 euroPleasewriteouttheentriesoftheU S firmrelatedtopurchasefromGermanyaccordingtotwo transactionapproach 7 March1 Purchases393360