国际会计第九版第十一章答案
财务会计习题参考答案 第11-13章

财务会计第11-13章课后习题参考答案Chapter 9 Accounting for ReceivablesPROBLEM 9-7ABYP 9-4(b)Accounts receivable represent 35.1% [$304.7 – $20.0)/$810.2] of the company’scurrent assets. This is a material amount of the current assets.(c)The ratios would probably vary throughout the year as receivables increaseduring the busy season and decrease in the “off” season. To improve the accuracy of the ratio, average receivables should be calculated using monthly or quarterly data, rather than just the beginning and ending balance.(d)It is difficult to evaluate Scott s’ credit risk with only a single year’s data and noindustry norms. An average collection period of 51 days may be reasonable for the type of customers that make up Scotts’ receivables.Scotts explained that a majority of its receivables were from its North American Consumer segment. Within this segment, there were several subgroups. If each subgroup (i.e. home centers, mass merchandisers, hardware stores, etc) is comprised of many smaller customers, this would indicate less credit risk than that associated with several large customers. The significant concentration of receivables within this largest segment was 79% from its top 3 customers. This represents a high concentration and therefore potentially greater risk.(e)Note 17 addressed the issues that surround credit risk. It provided the reader withat least a moderate degree of “comfort” that Scotts’accounts receivable and allowance policies were acceptable. The note also appears to comply with the full disclosure principle required under GAAP. In 2003 Scotts initiated disclosure on the company’s credit expense to its largest and second largest customers, 24.8% and 13.9% respectively. This may represent added risk, depending on the continuing relationship and the customer’s credit ratings.Chapter 10 Plant Assets, Natural Resources, and Intangible AssetsE10-4(a) Straight-line method:($96,000- $12,000)/5= $16,800 per year.2006 depreciation = $16,800 X 3/12 = $4,200.(b) Units-of-activity method:($96,000- $12,000)/10,000 = $8.40 per hour.2006 depreciation = 1,700 hours X $8.40 = $14,280.(c) Declining-balance method:2006 depreciation = $96,000 X 40% X 3/12 = $9,600.Book value January 1, 2007 = $96,000 – $9,600 = $86,400.2007 depreciation = $86,400 X 40% = $34,560.E10-5P10-5ABYP10-2A(f)The asset turnover ratio measures how efficiently a company uses its assets togenerate sales. It shows the dollars of sales generated by each dollar invested in asse ts. PepsiCo’s asset turnover ratio(1.11) was higher than Coca-Cola’s (.81).Therefore, it can be concluded that PepsiCo was more efficient during 2003 in utilizing assets to generate sales.Chapter 11 LiabilitiesE11-1(a) Jun. 1 Cash..................................................................... 70,000Notes Payable............................................ 70,000 (b) Jun. 30 Interest Expense. (700)Interest Payable (700)[($70,000 X 12%) X 1/12](c) Dec. 1 Notes Payable .................................................. 70,000Interest Payable ($70,000 X 12% X 6/12).... 4,200Cash.............................................................. 74,200 (d) $4,200E11-3(a)Nov. 30 Cash................................................................. 180,000Unearned Subscriptions .................. 180,000(9,000 X $20)(b) Dec. 31 Unearned Subscriptions ........................... 15,000Subscription Revenue ...................... 15,000($180,000 X 1/12)(c) Mar. 31 Unearned Subscriptions ............................... 45,000Subscription Revenue........................... 45,000($180,000 X 3/12)E11-5(a) Jan. 1 Cash................................................................. 200,000Bonds Payable .................................... 200,000 (b) July 1 Bond Interest Expense .............................. 10,000Cash ($200,000 X 10% X 1/2)........... 10,000 (c) Dec. 31 Bond Interest Expense .............................. 10,000Bond Interest Payable....................... 10,000 P11-1A(a) Jan. 1 Cash ..................................................................... 15,000Notes Payable .......................................... 15,0005 Cash ..................................................................... 10,400Sales ($10,400 ÷ 104%).......................... 10,000Sales Taxes Payable (400)($10,400 – $10,000)12 Unearned Service Revenue.......................... 9,000Service Revenue...................................... 9,00014 Sales Taxes Payable ....................................... 5,800Cash............................................................. 5,80020 Accounts Receivable...................................... 37,856Sales............................................................ 36,400Sales Taxes Payable .............................. 1,456(700 X $52 X 4%)25 Cash .....................................................................12,480Sales ($12,480 ÷ 104%).......................... 12,000Sales Taxes Payable (480)($12,480 – $12,000)(b) Jan. 31 Interest Expense (100)Interest Payable (100)($15,000 X 8% X 1/12)(c) Current liabilitiesNotes payable................................................................................ $15,000 Accounts payable ........................................................................ 42,500 Unearned service revenue ($15,000 – $9,000).................... 6,000Sales taxes payable ($400 + $1,456 + $480)........................ 2,336Interest payable (100)Total current liabilities....................................................... $65,936 BYP11-4。
国际会计课后习题答案

国际会计课后习题答案国际会计课后习题答案在学习国际会计的过程中,课后习题是巩固知识和理解的重要环节。
通过解答习题,我们可以更好地掌握会计原理和方法,提高自己的会计思维和分析能力。
本文将为大家提供一些国际会计课后习题的答案,并对其中的一些重要概念进行解析和讨论。
1. 在国际会计准则体系中,资产的定义是什么?请举例说明。
答案:根据国际会计准则体系,资产是指企业拥有的具有经济利益并且能够被可靠计量的资源。
这些资源可以是物质的,如土地、建筑物、设备等;也可以是非物质的,如专利权、商标权等。
例如,一家公司拥有一座办公楼和一批生产设备,这些都可以被视为该公司的资产。
2. 什么是会计准则的重要特征?为什么会计准则的一致性很重要?答案:会计准则的重要特征包括可理解性、相关性、可靠性和比较性。
其中,一致性是指在同一会计期间内,企业在处理同类交易和事件时应采用相同的会计政策和方法。
一致性的重要性在于它可以确保企业的财务报表具有可比性,使用户能够更好地进行横向和纵向的比较分析,从而做出正确的决策。
3. 什么是财务报表的基本要素?请简要介绍每个要素的含义。
答案:财务报表的基本要素包括资产、负债、所有者权益、收入和费用。
资产是指企业拥有的具有经济利益的资源;负债是指企业对外部经济利益的现时义务;所有者权益是指企业所有者对企业净资产的权益;收入是指企业在经营活动中获得的经济利益的流入;费用是指企业在经营活动中为获取收入所支出的经济利益的流出。
4. 请解释会计准则中的“谨慎原则”和“实质重于形式”原则。
答案:谨慎原则是指在不确定性和风险存在的情况下,会计人员应该对企业的财务状况和经营成果进行保守估计,避免对企业的财务报表进行过度乐观的呈现。
实质重于形式原则是指在处理会计事务时,应该以事物的实质为依据,而不是仅仅根据其法律形式来决定其会计处理方式。
这两个原则都是为了保证财务报表的真实性和可靠性。
5. 请解释会计准则中的“货币计量原则”和“历史成本原则”。
毕晓方改编+《财务会计》的课后习题答案第11章习题答案

Ex. 11–1Current liabilities:Federal income taxes payable ........................................................... $ 42,0001 Advances on magazine subscriptions .............................................. 155,2502 Total current liabilities ........................................................................ $197,250 1$120,000 × 35%26,900 × $30 × 9/12 = $155,250The nine months of unfilled subscriptions are a current liability becauseWeb World received payment prior to providing the magazines.Ex. 11–2a. 1. Merchandise Inventory ............................................. 196,000Interest Expense ....................................................... 4,0001Notes Payable ...................................................... 200,0002. Notes Payable ........................................................... 200,000Cash ...................................................................... 200,000 b. 1. Notes Receivable ...................................................... 200,000Sales ..................................................................... 196,000Interest Revenue.................................................. 4,0002. Cash ........................................................................... 200,000Notes Receivable ................................................. 200,000 1$200,000 × 8% × 90/360Ex. 11–3a. $90,000 × 6% × 90/360 = $1,350 for each alternative.b. (1) $90,000 simple-interest note: $90,000 proceeds(2) $90,000 discounted note: $90,000 –$1,350 interest = $88,650proceedsc. Alternative (1) is more favorable to the borrower. This can be verifiedby comparing the effective interest rates for each loan as follows:Situation (1): 6% effective interest rate($1,350 × 360/90) ÷ $90,000 = 6%Situation (2): 6.09% effective interest rate($1,350 × 360/90) ÷ $88,650 = 6.09%The effective interest rate is higher for the second loan because thecreditor lent only $88,650 in return for $1,350 interest over 90 days. Inthe simple-interest loan, the creditor must lend $90,000 for 90 days toearn the same $1,350 interest.Ex. 11–4a. Accounts Payable .......................................................... 9,000Notes Payable ........................................................... 9,000 b. Notes Payable ................................................................. 9,000Interest Expense............................................................. 75* Cash ........................................................................... 9,075 *$9,000 × 5% × 60/360 = $75Ex. 11–5a. June 30 Building ......................................................... 730,000Land ............................................................... 250,000Note Payable ............................................ 800,000Cash.......................................................... 180,000 b. Dec. 31 Note Payable ................................................. 40,000Interest Expense ($800,000 × 8% × 1/2) ...... 32,000Cash.......................................................... 72,000 c. June 30 Note Payable ................................................. 40,000Interest Expense ($760,000 × 8% × 1/2) ...... 30,400Cash.......................................................... 70,400 Ex. 11–6a. $4,650,000, or the amount disclosed as the current portion oflong-term debt.b. By the end of 2002, the bank credit line was reduced to $299,000;thus, the bank credit line was nearly paid off in 2002. The differencebetween the $34,783,000 that would be due in the coming period andthe $4,650,000 disclosed as the current portion must have beenfunded (i.e., replaced) by long-term notes payable. Indeed, of the $50million increase in the term loans($95 million – $45 million), around $35 million must have been usedto eliminate the bank credit line.c. The current liabilities declined by $4,351,000 ($4,650,000 – $299,000).Ex. 11–7a. Product Warranty Expense (2% × $750,000) ................ 15,000Product Warranty Payable ....................................... 15,000 b. Product Warranty Payable (960)Wages Payable (570)Supplies (390)Ex. 11–8a. The warranty liability represents estimated outstanding automobilewarranty claims. Of these claims, $14,166 million is estimated to bedue during 2003, while the remainder ($9,125 million) is expected tobe paid after 2003. The distinction between short-term and long-termliabilities is important to creditors in order to accurately evaluate thenear-term cash demands on the business, relative to the quickassets and other longer-term demands.b. Product Warranty Expense ........................... 14,355,000,000Product Warranty Payable ....................... 14,355,000,000 $20,410 + X – $12,000 = $23,291X= $23,291 – $20,410 + $12,000X= $14,881 millionc. The liability might have grown for a number of possible reasons.Often the estimated warranty liability will increase if the underlyingproduct sales are also increasing, as was the case for Ford duringthis time. Alternatively, Ford’s a ctual claims experience might bedeclining. If the percent of sales estimate remained unchanged, thiswould cause the liability to potentially increase. This partiallyexplains the increase, since only $12,000 million in claims wereassumed to be paid, while the current estimated claims payable was$13,605 million at December 31, 2001. Lastly, Ford could beincreasing its estimated warranty claims expense as a percent ofcurrent period sales.Ex. 11–9a. Damage Awards and Fines ............................................ 670,000EPA Fines Payable.................................................... 390,000 Litigation Claims Payable ........................................ 280,000 Note to Instructors:The “damage awards and fines” would bedisclosed on the income statement un der “other expenses.”b. The company experienced a hazardous materials spill at one of itsplants during the previous period. This spill has resulted in a number of lawsuits to which the company is a party. The Environmental Protection Agency (EPA) has fined the company $390,000, which the company is contesting in court. Although the company does not admit fault, legal counsel believes that the fine payment is probable. In addition, an employee has sued the company. A $280,000 out-of-court settlement has been reached with the employee. The EPA fine and out-of-court settlement have been accrued. There is one other outstanding lawsuit related to this incident. Counsel does not believe that the lawsuit has merit. Other lawsuits and unknown liabilities may arise from this incident.Ex. 11–10a. Dec. 31 Pension Expense .......................................... 315,000Unfunded Pension Liability ....................315,000b. Jan. 15 Unfunded Pension Liability .......................... 315,000Cash 315,000Ex. 11–11a. Quick Ratio =sLiabilitie Current AssetsQuickDecember 31, 2005:$800,000$350,000$530,000+ = 1.10December 31, 2006:$900,000$400,000$356,000+ = 0.84b. The quick ratio has been decreased between the two balance sheet dates. The major reason is a significant increase in inventory. Cash also declined, possibly to purchase the inventory. As a result, quick assets actually declined, while the current liabilities increased. While the quick ratio for December 31, 2006, is below 1.0, it is not yet at an alarming level. However, the trend suggests that the firm’s current asset (working capital) management should be watched closely.。
国际会计第七版英文版课后答案(第十一章)

Chapter 11Financial Risk ManagementDiscussion Questions1.Enterprise risk management assesses individual risks in the context of a firm’s business strategy. Risksare viewed from a portfolio perspective with risks of various business functions, e.g., FX risk, interest rate risk, political risk and the like, being coordinated by a senior financial manager responsible for keeping top management apprised of critical risks that could interfere with the accomplishment of a firm’sstrategic objectives and devising risk optimization strategies. The variables that management accountants must track include factors both external and internal to the firm and varies from company to company.2.Market risk refers to the risk of loss due to unexpected changes in the prices of currencies, interest rates,commodities, and equities. It is not confined to price changes. Market risk also includes liquidity risk, market discontinuities, credit risk, regulatory risk, tax risk, and accounting risk. An example of a foreign exchange risk is a situation where an exporter invoices a credit sale to a foreign importer in foreign currency and foreign currency devalues prior to payment.3.An FX risk management program includes the following processes:a.Forecasting the expected movement in the relation between the yuan and your domesticcurrency.b.Measuring on a periodic basis your firm’s exposure to fluctuations in the value of the yuan.c.Designing protection strategies that will minimize losses should the yuan revalue.d.Establishing internal controls to measure your performance in hedging the risk of loss fromchanges in the value of the yuan.4.Translation exposure measures the impact of exchange rate changes on the domestic currency equivalentsof a firm s foreign currency assets and liabilities. It is primarily concerned with currency restatement.Transaction exposure measures the cash flow impact of fluctuating currency values on the settlement of commercial transactions denominated in foreign currencies. Transaction exposure is concerned with acurrency conversion (exchange) process. Economic exposure attempts to measure the impact of changing exchange rates on the future revenues, costs, and sales volume of a multinational entity. It is concerned with the temporal effects of exchange rate changes.Although FAS No. 52 attempts to mitigate concern with translation gains and losses (accounting exposure), it does not totally eliminate it. Companies choosing the U.S. dollar as their functional currency will still use the temporal translation method and report translation gains and losses in period income. Companies designating the local currency as the functional currency will find their asset exposures increased as inventories and fixed assets are translated using current exchange rates. While such translation gains and losses bypass income, the adverse effects of currency fluctuations on a company’s consolidated equity will still exist. This is especially likely where loan covenant and other contractual provisions specify minimum debt-to-equity ratios. This suggests that the issue of accounting versus economic exposure is far from settled.5.The chapter lists 10 specific methods to reduce a firm’s exposure to foreign exchange risk in adevaluation-prone country. These techniques, and possible cost-benefit trade-offs, are summarized in the following table.Methods Trade-Offsa. Minimize cash balances in a. Reduced exposure versusdevaluation-prone country higher business andfinancial risk due to possible "cash-outs."b. Remitting excess cash back b. Same as item a.to the parent company.c. Accelerate the collection c. Reduced exposure versusof local currency receivables possible reduction in salesd. Defer payment of local d. Reduced exposure versuscurrency payables impaired local credit ratinge. Speed up payment of e. Reduced exposure versusforeign currency payables foregone earnings on arelatively cheap creditsourcef. Invest local currency cash f. Reduced exposure versusbalances in inventories and higher transaction costsother assets less prone to and possible mis-devaluation loss allocation of corporateresourcesg. Invest in strong currency g. Reduced exposure versusforeign assets higher transaction costsand possible governmentinterference (e.g.exchange controls)h. Raise selling prices h. Reduced exposure versuspotential erosion ofmarket sharei. Invoice exports in hard i. Reduced exposure versuscurrencies possible reduction insales abroadj. Currency swaps j. Reduced translationexposure versus increasedtransaction exposure ifparent assesses theexposed affiliate aninterest charge in hardcurrency6. A multicurrency transactions exposure report differs from a multicurrency translation exposure report in anumber of ways. First, the transactions exposure report has a cash flow orientation instead of a static balance sheet orientation. It includes off balance sheet items that are executory in nature. Finally, a multicurrency transaction exposure report has a local currency orientation, whereas a multicurrency translation exposure report has a parent currency orientation.7.Derivative instruments are formal agreements that transfer financial risk from one party to another. Thevalue of a derivative is derived from its reference to a basic underlying instrument or variable such as a foreign currency receivable or a quantum of foreign exchange. Thus the value of a forward exchange contract is related to the change in the foreign exchange rate times the notional amount being hedged. An important accounting issue is whether derivatives should receive the same accounting treatment as the basic instruments to which they relate. Specifically, should a derivative instrument hedging a foreign currency asset appear in the financial statements as a foreign currency liability? If so, should its valuation base be identical to basic instruments? Do cash flows associated with derivative instruments have thesame economic meaning as those associated with basic instruments? How should gains and losses associated with derivative instruments be reflected in the income statement? Can and should risks attaching to these financial instruments be recognized and measured?8.Student responses should proceed along the following lines. Pele Corporation, a Brazilian firm, hasborrowed a certain sum of British pounds at 9 percent and is worried that the pound will appreciate relative to the real prior to maturity. To hedge this currency risk, it arranges with a bank to swap the pounds borrowed for an equivalent amount of reals for 3 years bearing the same rate of interest. During the 3-year period, it will make periodic interest payments to the bank in reals, and in return, receive periodic interest payments in pounds. At the end of the 3-year period, it will re-exchange the real principal for pounds at the original exchange rate.9. A futures contract is a commitment to purchase or deliver a specified quantity of a financial instrument orforeign currency at a future date at a price set when the contract is made. It differs from a forward contract in several respects. A futures contract is standardized in terms of size and delivery date whereas a forward contract is tailored to a customer’s needs. Futures contracts are freely traded on organized exchanges. In contrast, there is no secondary market for forward contracts as they are private agreements between two parties. Futures contracts are carried at market values with gains or losses taken immediately to income, whereas profits on a forward contract are realized only at the delivery date. Finally, a party to a futures contract must meet periodic margin requirements. In a forward contract, margins are set once, on the date of the initial transaction.10.Fair value hedges are hedges of a firm’s foreign currency assets and liabilities and firm fore ign currencycommitments. Cash flow hedges are hedges of forecasted transactions such as a future sale or purchase.Net investment hedges are hedges of an exposed balance sheet asset or liability position. For qualifying fair value hedges, all changes in the fair value of the derivative and the underlying item that is being hedged are recognized in earnings. For qualifying cash flow hedges, the change in the fair value of the derivative is recognized in Other Comprehensive Income and recognized in earnings when the hedged cash flows affect earnings. For qualifying hedges of a net investment, changes in the fair value of the derivative are recorded in comprehensive income11.In theory, the term highly effective means that gains or losses on hedging instruments should be shouldexactly offset gains or losses on the item being hedged. In practice, it means that gains or losses on the derivative substantially offset the changes in the value or cash flow of the hedged item. Measurement of this attribute is important. If a hedging instrument does not meet the highly effective test, the hedge is terminated and deferred gains or losses on the derivative are recognized immediately in current earnings.This, in turn, introduces volatility into a firm’s reporte d earnings.12.The notion of an opportunity cost refers to the return associated with your next best opportunity. In thearea of FX risk management, it entails comparing a given risk management strategy with an appropriate standard of comparison. This provides an objective means of assessing the effectiveness of a given risk reduction program. For example, when FX risk management programs are centralized at corporate headquarters, appropriate benchmarks against which to compare the success of corporate risk protection would be programs that local managers could have implemented on their own.Exercises1.Students usually gloss over diagrams without thinking them through. This exercise forces them to thinkthrough each step of the diagram and allows them to better internalize the risk management cycle.Responses might follow the following pattern: Step 1 involves operationalizing a firms strategies intoquantifiable objectives and then identifying developments both external and internal risks that could affect the achievement of these objectives. These risks are measured by the firm’s accountants and quantified in terms of their potential impact on the firm. For example, the firm may have as its strategic objective an increase of 5% of market share in a given country per year given assumptions about the rate of economic growth in that country. The chance that this growth rate may fall short of 5% and the impact of this shortfall for projected sales in that country would be quantified. Response formulation would involve identifying protection strategies to minimize the hit to sales of projected GNP shortfalls such as promotion campaigns to maintain sales or use of alternative sourcing venues to lower sales prices. This strategy would be implemented if projected GNP started to slow beyond a certain cutoff point. The impact of this protection strategy would then be quantified in terms of actual sales relative to forecast sales taking into account the costs of protection. The information contained in risk management performance reports would then be communicated to top management who would be in a position to reaffirm or alter strategic objectives and/or risk identification processes.2.Foreign exchange risk a devaluation of the foreign currency in which an account receivable wasdenominated would cause the domestic currency cash flows to decrease. This would cause current assets to decrease. Alternatively, a revaluation of the foreign currency would cause the account receivable and current assets to increase. Interest rate risk an increase in market rates of interest would cause the price ofa short-term fixed-rate debt instrument being held as a marketable security to decrease. This, in turn,would cause current assets to decrease. A decrease in interest rates would have the opposite effect.Commodity price risk an increase in the price of copper would cause the cost of copper purchases and the resultant unexpired cost of inventories in the current asset section of the balance sheet to increase. A fall in copper prices would have the opposite effect. Equity price risk a fall in stock prices would depress the carrying value of marketable securities (current assets), and conversely.3.The purpose of this exercise is to force students to look at manager ial accounting issues from the user’sperspective. Students may suggest additional information sources with respect to inflation differentials, balance of trade and balance of payments statistics, international monetary reserves, forward exchange quotations, the behavior of related currencies, and interest rate differentials. We recommend that this exercise be assigned to small groups to encourage teamwork. At the time this exercise was prepared, professional forecasters were predicting a rate of 10.5 ecrus to theU.S. dollar.Some groups may contend that exchange markets are efficient and that exchange rate changes are simply random events. Again, they must be prepared to convince management of their case, or at a minimum, identify the consequences of not attempting exchange rate forecasts.4. Current rate Current/Noncurrent Monetary/nonmonetaryExposed assets(PHP):Cash 500,000 500,000 500,000Accounts receivable 1,000,000 1,000,000 1,000,000 Inventories(LCM) 900,000 900,000Fixed assets 1,100,000 -- --Total 3,500,000 2,400,000 1,500,000 Exposed liabilities:Short-term payables 400,000 400,000 400,000Long-term debt 800,000 --- 800,000Total 1,200,000 400,000 1,200,000Positive/(negative) exposure 2,300,000 2,000,000 300,000 Positive exposure X $0.03 $69,000 $60,000 $9,000Positive exposure X $0.02 46,000 40,000 6,000 FX gain/(loss) $(23,000) $(20,000) $(3,000)5.ILS $ £$ EquivalentExposed Assets:Cash & due from banks 100,000 50,000 (40,000) 20,000Loans 200,000 ---- ---- 100,000Fixed assets ---- 30,000 ---- 30,000Exposed Liabilities:Deposits 40,000 ---- 15,000 50,000Owners equity ---- 100,000 ---- 100,000Net exposed assets 260,000 (20,000) (55,000) NIL(liabilities)ILS $ £$ EquivalentExposed Assets:Cash & due from banks 100,000 50,000 (40,000) 20,000Loans 200,000 ---- ---- 100,000Fixed assets ---- 30,000 ---- 30,000Exposed Liabilities:Deposits 40,000 ---- 15,000 50,000Owners equity ---- 100,000 ---- 100,000Net exposed assets 260,000 (20,000) (55,000) NIL(liabilities)6.Trial Balance BeforeILS $ £$ EquivalentCash & due from banks 100,000 50,000 (40,000) 20,000Loans 200,000 ---- ---- 100,000Fixed assets ---- 30,000 ---- 30,000Deposits 40,000 ---- 15,000 50,000 Owners equity ---- 100,000 ---- 100,000Trial Balance After(£/$/ILS = 1/2/8)ILS $ £$ EquivalentCash & due from banks 100,000 50,000 (40,000) (5,000)Loans 200,000 ---- ---- 50,000Fixed assets ---- 30,000 ---- 30,000Deposits 40,000 ---- 15,000 40,000 Owners equity ---- 100,000 ---- 100,000Translation loss $(65,000)7. One recommendation might be to reduce positive exposures by engaging in balance sheet hedging, that is, by remitting excess cash back to the corporate parent, reducing the affiliate bank’s outstanding loans, or increasing its deposits in Israeli shekels.. The trade-offs here are potentially negative effects on operations, such as not satisfying loan demand against hedging translation gains and losses. Another option is to increase the pricing of bank services in Israel to provide a profit margin that can offset any FX losses. Again, the effects of such actions on competitive positioning could far exceed the benefits of hedging. A third option is to buy a forward or currency swap to hedge the exposure. Trade-offs include the out-of-pocket cost of the exchange contract versus the reported losses avoided.1.If the U.S. dollar is the functional currency, the translation gain upon consolidation is aggregated with thetransaction loss on the foreign currency borrowing and disclosed as one line item in the consolidated income statement. This figure is determined as follows:Translation gain = Positive exposure X change in exchange rate= NZD3,000,000 x $.10= $300,000Transaction loss =NZD loan balance X change in exchange rate= NZD1,000,000 x $.10= $ (100,000)Aggregate exchange adjustment = $300,000 + $ (100,000)= $200,000If the New Zealand dollar is the functional currency, the translation gain upon consolidation bypasses income and appears as a separate component in consolidated equity. It is offset by the translation loss on the New Zealand dollar borrowing.9.4/1 CD (¥32,500,000 ÷ ¥120) $250,000Cash $250,000(Purchase of CD)Chips (¥32,500,000 ÷ ¥120) $270,833Cash (¥3,250,000 ÷ ¥120) $ 27,083A/P (¥29,250,000 ÷ ¥120) 243,750(To record credit purchase)7/1 CD (¥30,000,000 ÷ [¥120 - ¥110]) $ 22,727FX gain $ 22,727(To record gain on CD investment)Purchases (¥29,250,000 ÷ [¥120 - ¥110]) 22,159Accts. Payable 22,159(To record increase in purchases and related liability accounts owing to yen appreciation) 7/1 Cash (¥30,000,000 ÷ ¥110) $278,182Interest income (¥30,000,000 X .08 X ¼) ÷ ¥110] $ 5,455CD 272,727(To record maturation of CD)Interest expense [(¥29,250,000 x.08 x 3/12) ÷ ¥110) 5,318Accts. payable (¥29,250,000 ÷ ¥110) 265,909Cash 271,227(To record settlement of purchase transaction)10. Journal entries:6/1 CHF Contract receivable $133,333Deferred premium 3,334$ Contract payable $136,667(To record contract with the foreign currency dealer to exchange $136,667 for CHF 166,667)6/30 CHF Contract receivable 1,667Transaction gain 1,667(To record transaction gain from increased dollar equivalent of forward contract receivable; $.81 - $.80 x SWF 166,667)6/30 Premium expense 1,111Deferred premium 1,111(To amortize deferred premium for 1 month)9/1 SWCHF Contract receivable 3,333Transaction gain 3,333(To record additional transaction gain by adjusting forward contract to the new current rate; $.83 - $.81 x CHF 166,667)9/1 Premium expense 2,223Deferred premium 2,223(Amortization of deferred premium balance)9/1 $ Contract payable 136,667Cash 136,667 Foreign currency 138,333CHF Contract receivable 138,333(To record delivery of $136,667 to foreign currency dealer in exchange for CHF166,667 with a dollar equivalent of $138,334 (=CHF166,667 x $.83). The Swiss francs will, in turn be used to pay for the chocolate supplies).11. Calculations:If the premium on the forward contract is considered an operating expense, and the conditions for hedge treatment are met, i.e., management designates the forward contract as a hedge, documents its risk management objective and strategy, identifies the hedging instrument, the item being hedged and the risk exposure, and that the forward is effective both prospectively and retrospectively in hedging the risk, the gain on the forward can be offset against the loss on the payable as follows:Amount paid to settle the account payable on the purchase $138,333Less Transaction gain on forward contract (5,000)Cost of purchase $133,333The $133,000 is what was originally anticipated, CHF166.667 X $0.80 = $133,333.12. Journal entries:The call option is intended to hedge an uncertain cash flow. Accordingly, gains or losses on the hedging instrument would bedisclosed in comprehensive income and reclassified into earnings in the period the sale actually takes place.June 1 Premium expense $28,125Cash $28,125($.018 X CHF 62,500 X 25)August 31 Cash $40,625Comprehensive income $40,625[($.416 - $.39) X CHF 62,500 X 25]Case 11-1Exposure Identification1. Infosys appears to have several exposures as enumerated below.Foreign Exchange RiskPage Value-Drivers88 Revenues/Selling and administrative expenses89 Cash flows from interest/dividend income96 Revenue recognition/LT leases97 Operating income/foreign currency transactions/FA98 Marketing/Overseas staff expenses99 Derivative values100 Lease obligations101 Investment returns102 Segment revenues/expenses103 Dividends to ADS holders142 Penalties on export obligations149 Valuing intangibles150 Export revenuesCommodity Price RiskPage Value-Drivers98 Power and fuel expenses145 Brand valuation147/48 Current cost disclosures149 Value of intangiblesEquity Price RiskPage Value Drivers87 Share capital98 Diluted eps100 Stock option compensation expense103 Convertible preferreds145 Cost of capital151 Economic value-addedInterest Rate RiskPage Value Drivers88 Interest expense89 Cash flows from security investments/interest income97 Gratuity/Superannuation/Provident obligations143 Employee compensation145 Cost of capital149 Value of intangibles.151 Economic value-addedInformation on the company’s risk management policies are contained on pages 108-109 of their annual report which were not reproduced in Chapter 1. We include the relevant information here. Infosys derives its revenues from 51 countries of which 78 percent were denominated in US dollars. To minimize both transaction and translation risk the company:1.Tries to match expenses in local currency with receipts in the same currency.es forward exchange contracts to cover apportion of outstanding receivables.3.Denominates contracts in non-US and non-EU regions in internationally tradable currencies to minimizeexposures to local currencies that may have non-tradability risks.Case 11-2Value At Risk: What Are Our Options?Students should be asked to play the role of the consultant, and will find it to be a contentious issue. Suggested remedies that have merit are:1. The FASB should permit deferral accounting for rolling options which would take the derivative gain or loss on each option to equity until the anticipated event occurs, as opposed to taking it immediately to income. This, however, might encourage companies to game the system, so students should also suggest ways to keep this from happening.2. Another tack would be to adhere to generally accepted accounting principles and record the gain or loss on the derivative in current income as it is marked to market, but to disclose which transactions were undertaken for hedge purposes. Management could also game the system here as speculative activities could be disclosed as hedge activities.3. Another option that students might suggest is to revert back to the earlier U.S. practice of keeping the option off balance sheet and providing supplementary disclosure of mark-to-market accounting. This might be confusing to lay readers, but it would enable analysts to better understand the components of reported earnings.It is clear from the annual report clipping that management will ignore accounting pronouncements when it is in their interest to do so. Analysts must be alert to situations where management departs from GAAP to better reflect the economics of what transpired as opposed to doing so to manage earnings.精品文档,知识共享!!!。
国际会计第9版课后答案pdf

国际会计第9版课后答案pdf1、某公司为一般纳税人,2019年6月购入商品并取得增值税专用发票,价款100万元,增值税率13%;支付运费取得增值税专用发票,运费不含税价款为30万元,增值税率9%,则该批商品的入账成本为()。
[单选题] *A.130万元(正确答案)B.7万元C.3万元D.113万元2、下列项目中,不属于非流动负债的是()[单选题] *A.长期借款B.应付债券C.专项应付款D.预收的货款(正确答案)3、.(年嘉兴三模考)()就是会计在经济管理中固有的、内在的客观功能。
[单选题] * A会计的含义B会计的特点C会计的任务D会计的职能(正确答案)4、.(年浙江省第二次联考)会计人员的职业道德规范不包括()[单选题] *A操守为重、不做假账(正确答案)B爱岗敬业、诚实守信C、廉洁自律、客观公正D坚持准则、提高技能5、企业出售固定资产应交的增值税,应借记的会计科目是()。
[单选题] *A.税金及附加B.固定资产清理(正确答案)C.营业外支出D.其他业务成本6、.(年嘉兴二模考)企业对固定资产计提折旧以()假设为基本前提。
[单选题] *A会计主体B持续经营(正确答案)C会计分期D货币计量7、某企业自创一项专利,并经过有关部门审核注册获得其专利权。
该项专利权的研究开发费为15万元,其中开发阶段符合资本化条件的支出8万元;发生的注册登记费2万元,律师费1万元。
该项专利权的入账价值为()。
[单选题] *A.15万元B.21万元C.11万元(正确答案)D.18万元8、.(年浙江省高职考)下列项目中,不属于企业会计核算对象的经济活动是()[单选题] *A购买设备B请购原材料(正确答案)C接受捐赠D利润分配9、企业生产车间使用的固定资产发生的下列支出中,直接计入当期损益的是( )。
[单选题] *A.购入时发生的安装费用B.发生的装修费用C.购入时发生的运杂费D.发生的修理费(正确答案)10、已达到预定可使用状态但未办理竣工决算的固定资产,应根据()作暂估价值转入固定资产,待竣工决算后再作调整。
财务会计第九版答案

财务会计第九版答案【篇一:公司理财原书第九版中文版课后答案】面几个小题和第八版一样的(附上第八版答案)我自己翻译的,我上传到我的新浪微博上了,你自己去看,我的新浪微博 id :一直在奋斗的大洪这是部分翻译【篇二:罗斯公司理财第九版课后习题答案中文版】1.在所有权形式的公司中 ,股东是公司的所有者。
股东选举公司的董事会 ,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化 ,而不是股东的利益最大化。
在这种环境下 ,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值,当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端 ,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平,包括避免不道德或非法的行为,股票价值最大化。
另一种极端 ,我们可以认为这是非经济现象 ,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是 30 美元万。
然而 ,该公司认为提高产品的安全性只会节省 20 美元万。
请问公司应该怎么做呢 ?”5.财务管理的目标都是相同的 ,但实现目标的最好方式可能是不同的 , 因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润,使股价超过 35 美元 ,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35 美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值 ,并且没有其他更高的投标价格 ,那么管理层不是在为股东的最大化权益行事。
希尔《国际商务》(第九版)课后习题详解-国际货币体系【圣才出品】

第11章国际货币体系1.金本位制度为什么会崩溃?是否有理由恢复某种形式的金本位制度?理由是什么?答:(1)由于各国竞相用汇率作为贸易政策的工具,将货币的黄金价格提高,使货币贬值,试图通过这种方式来降低出口商品的价格、提高进口商品的价格,从而促进生产,增加就业。
如此恶性循环,没有一个国家能从中受益。
最后的结果只能是击碎了大家对这个体系尚存的一点信心。
由于各国随意对其货币实行贬值,人们再也不能确定一种货币能够购买多少黄金。
人们不再持有任何别国的货币,而是立即将其兑换成黄金,以免货币发行国在干预期间对其货币实施法定贬值。
而这就对各个国家的黄金储备形成了压力,迫使各国放弃了对黄金的兑换。
到1939年第二次世界大战爆发时,金本位制度终于消亡。
(2)有理由恢复经改良的金本位制度。
2010年,当时的世界银行行长佐利克向全球主要经济体大胆呼吁,考虑重新采用经改良的金本位制来引导汇市走势。
佐利克可能想推动一种制度,让世界银行自己的货币——特别提款权(SDR)——反映美元、欧元、英镑、日圆和人民币价值,并以某种方式体现黄金。
(3)想要恢复金本位制度的理由有:①历史经验表明,实施金本位制可以长期保持较低的通胀率,维持国内价格水平稳定;②实施金本位制有效限制了政府滥发纸币以收取“铸币税”的权利;③由于国内实施金本位制带来各国货币币值的相对稳定,使金本位制的国际货币体系成为可能;④金本位制能够有效遏制政府的长期赤字财政,政府无法制造通胀来逃避或减轻偿债责任。
2.现行的基金组织对发展中国家的贷款政策可能为国际商务创造什么机遇?这些政策又会形成哪些挑战?答:(1)当一国迅速的紧缩性货币政策或财政政策伤害到该国的就业时,国际货币基金组织随时准备向其成员国出借外币,帮助这些国家克服短期国际收支逆差。
此时,发展中国家希望运用这些资金,发展生产,扩大出口来改善逆差,这对企业进行国际商务将是一个很好的机遇。
某些行业的企业可能会受到政策的扶持,从而在全球市场上占据优势地位,获取利润。
国际会计答案

1.下列国家中,与美国会计最接近的国家是( A )。
A 英国B 荷兰C 德国D 加拿大2.法国—西班牙—意大利会计模式属于()。
A 以公司利益为导向B 以保护债权人利益为导向C 以服从税制需要为导向D 以保护投资人利益为导向3.下列()说法符合盖瑞的看法。
A 职业主义的强弱会影响该国会计准则的制定权B 保密观念的强弱主要对资产的计量产生影响C 重视统一性的国家更强调会计处理防范的多样性D 保密观念的强弱对收入费用的确认产生影响4.()属于阿伦对会计模式的划分类别。
A 北欧会计模式B 瑞典会计模式C 荷兰会计模式D 宏观发展模式5.按照缪勒1967年提出的会计发展模式,荷兰属于A 按宏观经济要求发展会计B 以微观经济学为基础发展会计C 做为独立学科发展会计D 以统一的模式发展会计6.将不同国家的财务报告模式进行分层分类的是()A 诺比斯 B 缪勒 C 霍斯蒂德 D 盖瑞7.下列国家中属于“公允反映”会计模式的国家是( A 美国 B 英国 C 法国 D 德国8.二次世界大战之前,日本与德国会计实务非常接近;二次世界大战之后,日本的会计准则和公司报告越来越接近美国,这是()因素对会计环境产生影响的典型体现。
A 经济B 文化C 教育 D政治9.有的国家税法税则就是会计规则,会计报告中列示的利润与纳税申报表中申报的利润必须一致,属于这种税收体制的国家如()A 英国和美国B 澳大利亚和加拿大C 德国和法国D 中国和日本10.会计和财务报告准则的形成过程完全依赖于市场力量的模式称为()A 合作模式B 协会模式C 自由模式D 法律模式11.对会计模式的形成和发展起作用的社会环境因素有() A 法律环境 B 政治环境 C 经济环境 D 教育水平 E地理条件12.霍斯蒂德归纳的四种国家文化维度包括() A 个人主义 B 权力距离 C 不确定性规避D 阳刚之气E 职业主义1.对美国会计准则制定具有监督权、否决权的机构是()。
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国际会计第九版第十一章答案
1、为什么说市场国际化,特别是货币市场和资本市场的国际化是会计国际化的主要推动力?
答:国际贸易和国际经济技术合作,促使会计成为一种国际商业语言。
特别是国际货币市场和资本市场的兴起向进入市场的贷款人或筹资者提出了应提供在国际间可比且可靠的财务信息的要求,更成为会计国际化的主要推动力。
2、跨国公司是否在百分之百地推动会计国际化?说明你的观点。
答:不是。
跨国公司对推动会计国际化有其两面性:一方面,基于其跨国经营和国际筹资的需要,他们希望通过会计国际化来缩小和协调国别差异,另一方面,他们又十分重视利用各国现存的会计差异来谋取财务利益。
后者也推动了各国会计模式和重要会计方法的国际比较研究。
3、会计随商业活动的扩展而传播,你同意这种说法吗?从历史发展的进程谈谈你的看法。
答:同意。
可主要就前殖民帝国的会计向其原殖民地传播、工业革命后西方会计的发展及在世界范围内的广泛传播以及第二次世界
大战以后美国会计的影响在一定程度上主宰着世界各地的会计发展
等历史事实。
4、哪些特定会计方法具有国际性质?
答:把外币交易和外币报表的折算引入会计领域,是会计国际化带来的独特问题。
它与由此引发的跨国企业合并和国际合并财务报表
与外币折算相互关联和制约的问题,以及各国的物价变动影响在国际合并财务报表中如何处理和调整的问题,从20世纪以来,就成为国际会计研究中既需协调一致但又矛盾重重的三大难题。
在世纪之交,金融工具的创新引发的会计处理问题,给传统的会计概念和实务带来了巨大的冲击,成为各国会计准则机构联合攻关、仍未妥善解决的难题。
此外,国际税务会计也是值得关注的课题。