江西财经大学高级财务会计国际学院题库chapter12Word文件下载.docx
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江西财经大学高级财务会计国际学院题库chapter12Word文件下载.docx
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Difficulty:
Easy
2)CassCorporation'
sbalancesheetatDecember31,2011includeda$48,480accountreceivablefromRedmunCorporationofMexico.Theaccountreceivablewasdenominatedas600,000Mexicanpesos.WhatentrydidCassmakeonJanuary16,2012whentheaccountreceivablewascollectedandtheexchangerateforthepesowas$.09?
A)
Cash
54,000
AccountsReceivable
B)
ExchangeGain
5,520
48,480
C)
D)
ExchangeLoss
5,520
B)600,000×
$0.09=$54,000;
$54,000-$48,480=$5,520gain
LO5
Moderate
3)TheexchangeratesbetweentheAustraliandollarandtheU.S.dollarwereasfollows:
Jun11$AUS=$.8328US
Jul11$AUS=$.8356US
Aug11$AUS=$.9111US
Thischartshowsa
A)strengtheningAustralianDollarwhichmakesitlessexpensiveforAmericanstobuyAustraliangoods.
B)weakeningAustraliandollarwhichmakesitlessexpensiveforAmericanstobuyAustraliangoods.
C)strengtheningAustraliandollarwhichmakesitmoreexpensiveforAmericanstobuyAustraliangoods.
D)weakeningAustraliandollarwhichmakesitmoreexpensiveforAmericanstobuyAustraliangoods.
C
LO3
4)Withrespecttoexchangerates,whichofthefollowingstatementsistrue?
A)Anofficialexchangerateisthe"
market"
rateresultingfromthesupplyanddemandforacurrency.
B)Afloatingexchangerateisthe"
C)Agovernmentcannotsetanexchangeratefortheircurrencythatishigher(weakenstheircurrency)thanthequotedinterbankmarketrate.
D)Agovernmentcannotsetanexchangeratefortheircurrencythatislower(strengthenstheircurrency)thanthequotedinterbankmarketrate.
5)AU.S.importerthatpurchasedmerchandisefromaSouthKoreanfirmwouldbeexposedtoanetexchangegainontheunpaidbalanceifthe
A)dollarweakenedrelativetotheKoreanwonandthewonwasthedenominatedcurrency.
B)dollarweakenedrelativetotheKoreanwonandthedollarwasthedenominatedcurrency.
C)dollarstrengthenedrelativetotheKoreanwonandthewonwasthedenominatedcurrency.
D)dollarstrengthenedrelativetotheKoreanwonandthedollarwasthedenominatedcurrency.
Usethefollowinginformationtoanswerthequestion(s)below.
OnNovember1,2010,RolleksCorporationsoldmerchandisetoWatchemCorporation,aSwissfirm.Rolleksmeasuredandrecordedtheaccountreceivablefromthesaleat$107,100.WatchempaidforthisaccountonNovember30,2010.SpotratesforSwissfrancsonNovember1andNovember30,respectively,were$1.05and$1.02.
6)IfthesaleofthemerchandisewasdenominatedinSwissfrancs,theNovember30entrytorecordthereceiptofpaymentfromWatchemincludeda
A)credittoAccountsReceivablefor$104,040.
B)credittoExchangeGainfor$3,060.
C)debittoCashfor$107,100.
D)debittoExchangeLossfor$3,060.
D
D)Underlyingcurrencyvalue:
$107,100/1.05dollarsperfranc(sf)=102,000sf
November30valueofreceivableat1.02
dollarsperfranc(sf)=$104,040
Receivablerecordedat$107,100107,100
Decreaseinvalueofreceivable(loss)=(3,060)
7)Ifthesaleofmerchandiseisdenominatedindollars,theNovember30entrytorecordreceiptofthepaymentfromWatchemincludeda
C)Ifasaleisdenominatedindollars,andRolleksrecordedthesaleindollarsat$107,100,thentherewillbenogainorlossonRolleks'
books.TheriskofgainorlossnowlieswiththeSwisscompany,Watchem.
8)OnDecember5,2010,UncaCorporation,aU.S.firm,boughtinventoryitemsfromSkagerrakCorporationofNorwayfor1,000,000Norwegiankronerwhenthespotrateforkronerwas$0.166.Thepurchasewasdenominatedinkroner.AtUnca'
sfiscalyearend,December31,2010,thespotratewas$0.171.OnJanuary4,2011,Uncapurchased1,000,000kronerfor$167,500andpaidtheinvoice.Howmuchgainor(loss)didUncareportinits2010and2011incomestatements,respectively?
A)$(5,000)and$1,500
B)$0and($1,500)
C)($5,000)and$3,500
D)$0and($3,500)
C)
Accountspayable,Dec05,2010
1,000,000×
$0.166=$166,000
Accountspayable,Dec31,2010
$0.171=$171,000
Loss=$5,000
Accountspayable,Dec31,2010=$171,000
Accountspayable,atsettlement=$167,500
Gain=$3,500
OnOctober4,2010,SootyCorporationborrowed250,000BritishpoundsfromaLondonbank,evidencedbyaninterest-bearingnotepayabledueinoneyear.Thenotewaspayableinpounds.Exchangeratesforpoundswere:
October4,2010$1.59
December31,2010$1.55
October4,2011$1.61
9)WhatexchangegainorlossappearedonSooty'
s2010incomestatement?
A)alossof$10,000
B)alossof$15,000
C)againof$10,000
D)againof$15,000
C)250,000pounds×
($1.59-$1.55)=$10,000gain
10)WhatisthefinalamountoftheloanpayablethatSootyrepaid?
A)$250,000
B)$287,500
C)$397,500
D)$402,500
D)250,000pounds×
$1.61=$402,500
11)WhatexchangegainorlossappearedonSooty'
s2011incomestatement?
A)alossof$15,000
B)alossof$5,000
C)againof$15,000
D)againof$5,000
A
A)250,000pounds×
($1.61-$1.55)=$15,000loss
12)IfaU.S.companyispreparingajournalentryforarecentpurchase,foreign-currency-denominatedpurchasesmustbemeasuredin________atthepurchasedateusingtheforeigncurrency________rateonthepurchasedate.
A)foreigncurrency;
spot
B)foreigncurrency;
future
C)U.S.dollars;
forward
D)U.S.dollars;
13)WhenthebillingforaU.S.company'
ssaletoacompanyinaforeigncountryisdenominatedinU.S.dollars,________isrequiredwhenpreparingjournalentriesforthesale.
A)translationtoaforeigncurrency
B)conversiontoaforeigncurrency
C)translationtoU.S.dollars
D)notranslation
14)Whichofthefollowingisatruestatementregardingtherecordingofatransactionwhichinvolvesforeigncurrency?
A)Atransactionisalwayssettledinthecurrencyinwhichitisdenominated.
B)Atransactionisalwaysmeasuredinthecurrencyinwhichitisdenominated.
C)Atransactionisalwayssettledinthecurrencyinwhichitismeasured.
D)Atransactionisalwaysrecordedinthecurrencyinwhichitisdenominated.
15)Gainsorlossesonforeigncurrencytransactionsarerecordedbeforetherelatedreceivableorpayableissettledwhen
A)thegovernmentcannotsetanexchangeratefortheforeigncurrency.
B)theforeigncurrencyisunknown.
C)thefiscalyearendsafterthesettlementofthereceivableorpayable.
D)thefiscalyearendsbeforethesettlementofthereceivableorpayable.
16)Whichofthefollowingstatementsistrueregardingforwardcontracts,futurescontracts,optionsandswaps?
A)Aforwardcontractcanbepurchasedontheopenmarketandisrecordedatitshistoricalcost,thenadjustedforchangesinthemarket.
B)Afuturescontractisnegotiatedbetweentwopartieswhoarebettingintheoppositedirectiononthemovementoftheunderlyingprice.
C)Anoptionisacontractrequiringtheholdertoeither"
put"
or"
call"
anunderlyingassetataspecifiedpointintime.
D)Aswapisacontractbetweentwopartiestoexchangeanongoingstreamofcashflows.
LO2
17)AdirectquotefortheU.S.dollarisgivenat$1.45per1foreigncurrencyunit(fcu).TherespectiveindirectquotefortheU.S.dollarwouldbereportedas
A)1.45fcu=$1.00.
B)1.45fcu=$.6897.
C).6897fcu=$1.00.
D)1.00fcu=$1.45.
18)OnNovember14,2011,ScubyCompany(aU.S.corporation)entersintoatransactionwhichisdenominatedintheCanadiandollar.AssumetheexchangerateatNovember14is$1.03,andattheDecember31year-endreportingdate,theexchangerateis$1.07.OnJanuary27,2012,whenthetransactionissettled,theexchangerateis$1.05.Atthedateofsettlement,whichofthefollowingiscorrect?
A)Thehistoricalrate=$1.05,andthespotrateatwhichitissettledisthesameasthecurrentrateat$1.07.
B)Thehistoricalrate=
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