国际会计第九版第十章答案
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”。
国际会计第九版第十章答案
国际会计第九版第十章答案10-1交易日会计:(1)交易日:20x1年8月14日借：债券期货投资100，000贷：应付债券期货合同款100,000借：存出保证金10,000贷：银行存款10,000（2）8月30日借：存出保证金400贷：银行存款400借：债券期货投资4000贷：债券期货投资损益4000（3）结算日借：债券期货投资损益2000贷：债券期货投资2000借：应付债券期货合同款100,000财务费用（交易费）600银行存款11800贷：债券期货投资102,000存出保证金10,400结算日会计（1）交易日：8月14日借：存出保证金10,000贷：银行存款10,000（2）8月30日借：存出保证金400贷：银行存款400借：债券期货投资4000贷：债券期货投资损益4000（3）结算日借：债券期货投资损益2000贷：债券期货投资 2000借：财务费用 600银行存款 11800贷：债券期货投资 2000存出保证金 1040010—2会计分录：1（1）交易日借：股票期货期权投资应收款 40,000贷：股票期权投资 40,000借：股票期权投资期权费 2,000 贷：银行存款 2,000 （注意：这时的股票期权投资属于负债类的。
）（2）6月30日借：股票期权投资 4000贷：股票期权投资损益 4000（3）结算日借：股票期权投资 2000贷：股票期权投资期权费 2000借：股票期权投资 3400财务费用（交易费） 300银行存款 5700贷：股票期权投资应收款 40,0002 共获利：6000-2000-300=3700 美元3执行价值低于期权费时，将亏损4执行价值为负值时，选择不执行期权合同10—3（1）发行债券时借：银行存款 100,000贷：应付债券 100,000（2）计提1—6月份的债券利息和互换交易费借：财务费用—债券利息费用 2750贷：应付债券利息 2750 借：应计费用 250贷：互换交易费 250计提7—12月份的债券利息和互换交易费借：财务费用-债券利息费用 2400贷：应付债券利息 2400 借：互换交易费 100贷：应计费用 100（3）20x1年末支付利息和互换交易费借：应付债券利息 5150贷:银行存款 5000应计费用 15010—4（1）20x1年1月1日借;债券投资 20,000贷：银行存款 20.000（2）20x1年末借：债券投资 2,000贷：债券投资损益 2,000（3）20x2年1月1日借：出售债券远期合同应收款 22,000贷;出售远期合同 22,000（4）20x2年末被套期项目公允价值下降借：债券投资损益 1,000贷：债券投资 1，000套期工具跌价：借：出售债券远期合同 1,000贷;套期损益 1,00010—5（1）20x1年10月17日，未发生成本，采用结算日会计，故不作记录 20x1年12月31日：借：购入存货远期合同 600贷：递延套期损益 500远期合同损益 100（2）假设情况一发生借：递延套期损益 500贷：套期损益 500同时，等待机会，转手这项远期合同（3）假设情况二发生借：递延套期损益 80贷：购入存货远期合同 80借：递延套期损益 420银行存款 49700贷：购入存货远期合同 520销货收入 49600。
国际会计答案
国际会计答案12．目前美国的会计准则由（）负责制定。
A国会B证券交易委员会C财务会计准则委员会D注册会计师协会13．美国注册会计师协会的主要作用是（）。
A负责制定会计准则B培养、管理和保护注册会计师C 负责审查和批准财务会计准则委员会的工作计划D负责为财务会计准则委员会提供咨询意见14．在德国，划分流动负债与长期负债的期限是（A一年B四年C两年D六个月15．日本的《商法》以保护（）的利益为指导思想。
A投资者B雇员C债权人D企业管理层16.不要求充分披露的国家有（）。
A美国B法国C英国D德国17.日本“三法体制”是指在会计领域主要有三个法律约束着企业的会计行为，这三个法律是（）。
A《税法B《证券交易法》C《注册会计师法D《商法》18．属于英美会计模式的特征包括（）。
A会计准则可以由会计职业界或以会计职业界为主体的民间机构制定发布B财务报告保护公司和债权人利益，一般不要求充分披露这九个方面二）文化因素对会计模式形成和发展的影响2．英国会计与美国会计有什么异同？美国会计模式和英国会计模式的相同点：第一，两国都有民间机构制定会计准则，两国会计准则委员会制定准则的程序基本相同。
第二，美国和英国都有强大的会计职业界。
美国会计模式和英国会计模式的不同点：第一，英国没有像美国证券交易委员会那样的对公司财务会计准则的制定保持着监督和最终修订权利的政府机构，而是通过《公司法》管理公司事务，会计准则的要求不能违反公司法的要求。
第二，英国公司财务报告的目标除了为投资者和债权人提供决策有用的信息外，还要明确提出“社会经管责任”，在增值表上反映的增值额要在出资者、雇员以及政府之间进行分配，并将一部分重新投入企业，这是美国会计模式所没有的。
3．简述霍斯蒂德的四种国家文化维度及对会计的影响。
（1）个人主义与集体主义这个方面所阐述的基本问题是社会个体之间相互依存程度。
对会计的影响决定了一个国家会计职业界的发达情况。
倾向于个人主义的国家，政府对会计管理干预较少，更注重职业判断。
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。
国际会计课后题答案整理版
国际会计课后题答案整理版第1章国际会计的形成与发展一、讨论题1.1 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？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（即国际财务报告趋同化的要求），更成为会计国际化的主要推动力。
1.2 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。
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。
（注意：“会计国际化”大体上与“会计的国际协调化”概念一致，而与国际会计研究中的“国别会计”观点对立）1.3 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。
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，加以讨论。
1.4 哪些特定会计方法具有国际性质？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70年代以来，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（特别是衍生工具）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。
1.5 你对会计国际化和国家化之间的矛盾及其消长有何看法？会计国际化和国家化的矛盾实际上反映了经济全球化与各国的国家利益之间的矛盾及其消长过程。
国际会计练习册答案 (上海财经大学出版社)
第四章练习题解答1.名词解释1．1国际会计协调：国际会计协调是指对各国会计规范和会计信息的差异程度加以限制，从而增加会计信息在国际范围内的可比性的过程。
对国际会计协调的范畴完整、正确的认识，必须把握和理解以下几个方面。
（1）国际会计协调不是国际会计标准化，而是指各国会计规范和会计信息向接近的或一致的方向努力。
国际会计标准化，即全球共用一个统一的会计与报告标准，这是不可能实现的。
（2）国际会计协调的目的是追求会计信息在国际范围内的可比性和可理解性。
会计信息最终体现在财务报告上，而财务报告提供的主要是财务会计的信息，因此，对国际会计协调的对象主要是财务会计而不是管理会计。
财务会计的目的是为了向信息使用者提供决策有用的会计信息，为了满足多方面信息需求者的需要，各国大都建立了一套会计准则和会计制度来约束企业的财务会计和报告。
要使各国企业间的财务会计信息有可比性和可以理解性，就必须对各国会计准则和制度进行协调。
因此，国际会计协调的直接对象和内容是协调各国的会计规范。
(3)国际会计协调是建议性的，而不是强制性的，它是参与协调的各国共同协商的结果，它的最终方向是使先进的会计理论和方法在世界范围内得到推广和应用。
1．2会计国际化：会计国际化是指会计随着经济全球化的发展而客观发展起来的不可逆转的超越一国国界的趋向。
1．3会计国际协调化：会计国际协调化是以使不同国家间的财务报告变得更具有可比性、对制定决策更有用为目标的，一种降低国家间财务报告差异的过程。
它着眼于主观的推动和促进，是一个调节国别会计差异的过程。
随着协调化的进展，国别差异将不断缩小甚至在某些方面消失，协调化富有弹性和开放性，在不同时期的不同国际经济环境条件下，协调化可以有不同的含义。
1．4形式性协调：形式协调，是指会计准则的协调。
形式协调是会计协调的基本条件，通过准则协调一致，限制企业在会计实务上的多样化，减少财务报告的差异，进一步提高财务报告实质上的协调程度。
罗斯公司理财第9版精要版英文原书课后部分章节答案
CH5 11，13，18，19，2011.To find the PV of a lump sum, we use:PV = FV / (1 + r)tPV = $1,000,000 / (1.10)80 = $488.1913.To answer this question, we can use either the FV or the PV formula. Both will give the sameanswer since they are the inverse of each other. We will use the FV formula, that is:FV = PV(1 + r)tSolving for r, we get:r = (FV / PV)1 / t– 1r = ($1,260,000 / $150)1/112– 1 = .0840 or 8.40%To find the FV of the first prize, we use:FV = PV(1 + r)tFV = $1,260,000(1.0840)33 = $18,056,409.9418.To find the FV of a lump sum, we use:FV = PV(1 + r)tFV = $4,000(1.11)45 = $438,120.97FV = $4,000(1.11)35 = $154,299.40Better start early!19. We need to find the FV of a lump sum. However, the money will only be invested for six years,so the number of periods is six.FV = PV(1 + r)tFV = $20,000(1.084)6 = $32,449.3320.To answer this question, we can use either the FV or the PV formula. Both will give the sameanswer since they are the inverse of each other. We will use the FV formula, that is:FV = PV(1 + r)tSolving for t, we get:t = ln(FV / PV) / ln(1 + r)t = ln($75,000 / $10,000) / ln(1.11) = 19.31So, the money must be invested for 19.31 years. However, you will not receive the money for another two years. From now, you’ll wait:2 years + 19.31 years = 21.31 yearsCH6 16，24，27，42，5816.For this problem, we simply need to find the FV of a lump sum using the equation:FV = PV(1 + r)tIt is important to note that compounding occurs semiannually. To account for this, we will divide the interest rate by two (the number of compounding periods in a year), and multiply the number of periods by two. Doing so, we get:FV = $2,100[1 + (.084/2)]34 = $8,505.9324.This problem requires us to find the FVA. The equation to find the FVA is:FVA = C{[(1 + r)t– 1] / r}FVA = $300[{[1 + (.10/12) ]360 – 1} / (.10/12)] = $678,146.3827.The cash flows are annual and the compounding period is quarterly, so we need to calculate theEAR to make the interest rate comparable with the timing of the cash flows. Using the equation for the EAR, we get:EAR = [1 + (APR / m)]m– 1EAR = [1 + (.11/4)]4– 1 = .1146 or 11.46%And now we use the EAR to find the PV of each cash flow as a lump sum and add them together: PV = $725 / 1.1146 + $980 / 1.11462 + $1,360 / 1.11464 = $2,320.3642.The amount of principal paid on the loan is the PV of the monthly payments you make. So, thepresent value of the $1,150 monthly payments is:PVA = $1,150[(1 – {1 / [1 + (.0635/12)]}360) / (.0635/12)] = $184,817.42The monthly payments of $1,150 will amount to a principal payment of $184,817.42. The amount of principal you will still owe is:$240,000 – 184,817.42 = $55,182.58This remaining principal amount will increase at the interest rate on the loan until the end of the loan period. So the balloon payment in 30 years, which is the FV of the remaining principal will be:Balloon payment = $55,182.58[1 + (.0635/12)]360 = $368,936.5458.To answer this question, we should find the PV of both options, and compare them. Since we arepurchasing the car, the lowest PV is the best option. The PV of the leasing is simply the PV of the lease payments, plus the $99. The interest rate we would use for the leasing option is thesame as the interest rate of the loan. The PV of leasing is:PV = $99 + $450{1 – [1 / (1 + .07/12)12(3)]} / (.07/12) = $14,672.91The PV of purchasing the car is the current price of the car minus the PV of the resale price. The PV of the resale price is:PV = $23,000 / [1 + (.07/12)]12(3) = $18,654.82The PV of the decision to purchase is:$32,000 – 18,654.82 = $13,345.18In this case, it is cheaper to buy the car than leasing it since the PV of the purchase cash flows is lower. To find the breakeven resale price, we need to find the resale price that makes the PV of the two options the same. In other words, the PV of the decision to buy should be:$32,000 – PV of resale price = $14,672.91PV of resale price = $17,327.09The resale price that would make the PV of the lease versus buy decision is the FV of this value, so:Breakeven resale price = $17,327.09[1 + (.07/12)]12(3) = $21,363.01CH7 3，18，21，22，313.The price of any bond is the PV of the interest payment, plus the PV of the par value. Notice thisproblem assumes an annual coupon. The price of the bond will be:P = $75({1 – [1/(1 + .0875)]10 } / .0875) + $1,000[1 / (1 + .0875)10] = $918.89We would like to introduce shorthand notation here. Rather than write (or type, as the case may be) the entire equation for the PV of a lump sum, or the PVA equation, it is common to abbreviate the equations as:PVIF R,t = 1 / (1 + r)twhich stands for Present Value Interest FactorPVIFA R,t= ({1 – [1/(1 + r)]t } / r )which stands for Present Value Interest Factor of an AnnuityThese abbreviations are short hand notation for the equations in which the interest rate and the number of periods are substituted into the equation and solved. We will use this shorthand notation in remainder of the solutions key.18.The bond price equation for this bond is:P0 = $1,068 = $46(PVIFA R%,18) + $1,000(PVIF R%,18)Using a spreadsheet, financial calculator, or trial and error we find:R = 4.06%This is the semiannual interest rate, so the YTM is:YTM = 2 4.06% = 8.12%The current yield is:Current yield = Annual coupon payment / Price = $92 / $1,068 = .0861 or 8.61%The effective annual yield is the same as the EAR, so using the EAR equation from the previous chapter:Effective annual yield = (1 + 0.0406)2– 1 = .0829 or 8.29%20. Accrued interest is the coupon payment for the period times the fraction of the period that haspassed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are four months until the next coupon payment, so two months have passed since the last coupon payment. The accrued interest for the bond is:Accrued interest = $74/2 × 2/6 = $12.33And we calculate the clean price as:Clean price = Dirty price – Accrued interest = $968 – 12.33 = $955.6721. Accrued interest is the coupon payment for the period times the fraction of the period that haspassed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are two months untilthe next coupon payment, so four months have passed since the last coupon payment. The accrued interest for the bond is:Accrued interest = $68/2 × 4/6 = $22.67And we calculate the dirty price as:Dirty price = Clean price + Accrued interest = $1,073 + 22.67 = $1,095.6722.To find the number of years to maturity for the bond, we need to find the price of the bond. Sincewe already have the coupon rate, we can use the bond price equation, and solve for the number of years to maturity. We are given the current yield of the bond, so we can calculate the price as: Current yield = .0755 = $80/P0P0 = $80/.0755 = $1,059.60Now that we have the price of the bond, the bond price equation is:P = $1,059.60 = $80[(1 – (1/1.072)t ) / .072 ] + $1,000/1.072tWe can solve this equation for t as follows:$1,059.60(1.072)t = $1,111.11(1.072)t– 1,111.11 + 1,000111.11 = 51.51(1.072)t2.1570 = 1.072tt = log 2.1570 / log 1.072 = 11.06 11 yearsThe bond has 11 years to maturity.31.The price of any bond (or financial instrument) is the PV of the future cash flows. Even thoughBond M makes different coupons payments, to find the price of the bond, we just find the PV of the cash flows. The PV of the cash flows for Bond M is:P M= $1,100(PVIFA3.5%,16)(PVIF3.5%,12) + $1,400(PVIFA3.5%,12)(PVIF3.5%,28) + $20,000(PVIF3.5%,40)P M= $19,018.78Notice that for the coupon payments of $1,400, we found the PVA for the coupon payments, and then discounted the lump sum back to today.Bond N is a zero coupon bond with a $20,000 par value, therefore, the price of the bond is the PV of the par, or:P N= $20,000(PVIF3.5%,40) = $5,051.45CH8 4，18，20，22，24ing the constant growth model, we find the price of the stock today is:P0 = D1 / (R– g) = $3.04 / (.11 – .038) = $42.2218.The price of a share of preferred stock is the dividend payment divided by the required return.We know the dividend payment in Year 20, so we can find the price of the stock in Year 19, one year before the first dividend payment. Doing so, we get:P19 = $20.00 / .064P19 = $312.50The price of the stock today is the PV of the stock price in the future, so the price today will be: P0 = $312.50 / (1.064)19P0 = $96.1520.We can use the two-stage dividend growth model for this problem, which is:P0 = [D0(1 + g1)/(R –g1)]{1 – [(1 + g1)/(1 + R)]T}+ [(1 + g1)/(1 + R)]T[D0(1 + g2)/(R –g2)]P0= [$1.25(1.28)/(.13 – .28)][1 – (1.28/1.13)8] + [(1.28)/(1.13)]8[$1.25(1.06)/(.13 – .06)]P0= $69.5522.We are asked to find the dividend yield and capital gains yield for each of the stocks. All of thestocks have a 15 percent required return, which is the sum of the dividend yield and the capital gains yield. To find the components of the total return, we need to find the stock price for each stock. Using this stock price and the dividend, we can calculate the dividend yield. The capital gains yield for the stock will be the total return (required return) minus the dividend yield.W: P0 = D0(1 + g) / (R–g) = $4.50(1.10)/(.19 – .10) = $55.00Dividend yield = D1/P0 = $4.50(1.10)/$55.00 = .09 or 9%Capital gains yield = .19 – .09 = .10 or 10%X: P0 = D0(1 + g) / (R–g) = $4.50/(.19 – 0) = $23.68Dividend yield = D1/P0 = $4.50/$23.68 = .19 or 19%Capital gains yield = .19 – .19 = 0%Y: P0 = D0(1 + g) / (R–g) = $4.50(1 – .05)/(.19 + .05) = $17.81Dividend yield = D1/P0 = $4.50(0.95)/$17.81 = .24 or 24%Capital gains yield = .19 – .24 = –.05 or –5%Z: P2 = D2(1 + g) / (R–g) = D0(1 + g1)2(1 + g2)/(R–g2) = $4.50(1.20)2(1.12)/(.19 – .12) = $103.68P0 = $4.50 (1.20) / (1.19) + $4.50 (1.20)2/ (1.19)2 + $103.68 / (1.19)2 = $82.33Dividend yield = D1/P0 = $4.50(1.20)/$82.33 = .066 or 6.6%Capital gains yield = .19 – .066 = .124 or 12.4%In all cases, the required return is 19%, but the return is distributed differently between current income and capital gains. High growth stocks have an appreciable capital gains component but a relatively small current income yield; conversely, mature, negative-growth stocks provide a high current income but also price depreciation over time.24.Here we have a stock with supernormal growth, but the dividend growth changes every year forthe first four years. We can find the price of the stock in Year 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Year 3 will be the dividend in Year 4, divided by the required return minus the constant dividend growth rate. So, the price in Year 3 will be:P3 = $2.45(1.20)(1.15)(1.10)(1.05) / (.11 – .05) = $65.08The price of the stock today will be the PV of the first three dividends, plus the PV of the stock price in Year 3, so:P0 = $2.45(1.20)/(1.11) + $2.45(1.20)(1.15)/1.112 + $2.45(1.20)(1.15)(1.10)/1.113 + $65.08/1.113 P0 = $55.70CH9 3，4，6，9，153.Project A has cash flows of $19,000 in Year 1, so the cash flows are short by $21,000 ofrecapturing the initial investment, so the payback for Project A is:Payback = 1 + ($21,000 / $25,000) = 1.84 yearsProject B has cash flows of:Cash flows = $14,000 + 17,000 + 24,000 = $55,000during this first three years. The cash flows are still short by $5,000 of recapturing the initial investment, so the payback for Project B is:B: Payback = 3 + ($5,000 / $270,000) = 3.019 yearsUsing the payback criterion and a cutoff of 3 years, accept project A and reject project B.4.When we use discounted payback, we need to find the value of all cash flows today. The valuetoday of the project cash flows for the first four years is:Value today of Year 1 cash flow = $4,200/1.14 = $3,684.21Value today of Year 2 cash flow = $5,300/1.142 = $4,078.18Value today of Year 3 cash flow = $6,100/1.143 = $4,117.33Value today of Year 4 cash flow = $7,400/1.144 = $4,381.39To find the discounted payback, we use these values to find the payback period. The discounted first year cash flow is $3,684.21, so the discounted payback for a $7,000 initial cost is:Discounted payback = 1 + ($7,000 – 3,684.21)/$4,078.18 = 1.81 yearsFor an initial cost of $10,000, the discounted payback is:Discounted payback = 2 + ($10,000 – 3,684.21 – 4,078.18)/$4,117.33 = 2.54 yearsNotice the calculation of discounted payback. We know the payback period is between two and three years, so we subtract the discounted values of the Year 1 and Year 2 cash flows from the initial cost. This is the numerator, which is the discounted amount we still need to make to recover our initial investment. We divide this amount by the discounted amount we will earn in Year 3 to get the fractional portion of the discounted payback.If the initial cost is $13,000, the discounted payback is:Discounted payback = 3 + ($13,000 – 3,684.21 – 4,078.18 – 4,117.33) / $4,381.39 = 3.26 years 6.Our definition of AAR is the average net income divided by the average book value. The averagenet income for this project is:Average net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325And the average book value is:Average book value = ($15,000,000 + 0) / 2 = $7,500,000So, the AAR for this project is:AAR = Average net income / Average book value = $1,836,325 / $7,500,000 = .2448 or 24.48% 9.The NPV of a project is the PV of the outflows minus the PV of the inflows. Since the cashinflows are an annuity, the equation for the NPV of this project at an 8 percent required return is: NPV = –$138,000 + $28,500(PVIFA8%, 9) = $40,036.31At an 8 percent required return, the NPV is positive, so we would accept the project.The equation for the NPV of the project at a 20 percent required return is:NPV = –$138,000 + $28,500(PVIFA20%, 9) = –$23,117.45At a 20 percent required return, the NPV is negative, so we would reject the project.We would be indifferent to the project if the required return was equal to the IRR of the project, since at that required return the NPV is zero. The IRR of the project is:0 = –$138,000 + $28,500(PVIFA IRR, 9)IRR = 14.59%15.The profitability index is defined as the PV of the cash inflows divided by the PV of the cashoutflows. The equation for the profitability index at a required return of 10 percent is:PI = [$7,300/1.1 + $6,900/1.12 + $5,700/1.13] / $14,000 = 1.187The equation for the profitability index at a required return of 15 percent is:PI = [$7,300/1.15 + $6,900/1.152 + $5,700/1.153] / $14,000 = 1.094The equation for the profitability index at a required return of 22 percent is:PI = [$7,300/1.22 + $6,900/1.222 + $5,700/1.223] / $14,000 = 0.983We would accept the project if the required return were 10 percent or 15 percent since the PI is greater than one. We would reject the project if the required return were 22 percent since the PI is less than one.CH10 9，13，14，17，18ing the tax shield approach to calculating OCF (Remember the approach is irrelevant; the finalanswer will be the same no matter which of the four methods you use.), we get:OCF = (Sales – Costs)(1 – t C) + t C DepreciationOCF = ($2,650,000 – 840,000)(1 – 0.35) + 0.35($3,900,000/3)OCF = $1,631,50013.First we will calculate the annual depreciation of the new equipment. It will be:Annual depreciation = $560,000/5Annual depreciation = $112,000Now, we calculate the aftertax salvage value. The aftertax salvage value is the market price minus (or plus) the taxes on the sale of the equipment, so:Aftertax salvage value = MV + (BV – MV)t cVery often the book value of the equipment is zero as it is in this case. If the book value is zero, the equation for the aftertax salvage value becomes:Aftertax salvage value = MV + (0 – MV)t cAftertax salvage value = MV(1 – t c)We will use this equation to find the aftertax salvage value since we know the book value is zero.So, the aftertax salvage value is:Aftertax salvage value = $85,000(1 – 0.34)Aftertax salvage value = $56,100Using the tax shield approach, we find the OCF for the project is:OCF = $165,000(1 – 0.34) + 0.34($112,000)OCF = $146,980Now we can find the project NPV. Notice we include the NWC in the initial cash outlay. The recovery of the NWC occurs in Year 5, along with the aftertax salvage value.NPV = –$560,000 – 29,000 + $146,980(PVIFA10%,5) + [($56,100 + 29,000) / 1.105]NPV = $21,010.2414.First we will calculate the annual depreciation of the new equipment. It will be:Annual depreciation charge = $720,000/5Annual depreciation charge = $144,000The aftertax salvage value of the equipment is:Aftertax salvage value = $75,000(1 – 0.35)Aftertax salvage value = $48,750Using the tax shield approach, the OCF is:OCF = $260,000(1 – 0.35) + 0.35($144,000)OCF = $219,400Now we can find the project IRR. There is an unusual feature that is a part of this project.Accepting this project means that we will reduce NWC. This reduction in NWC is a cash inflow at Year 0. This reduction in NWC implies that when the project ends, we will have to increase NWC. So, at the end of the project, we will have a cash outflow to restore the NWC to its levelbefore the project. We also must include the aftertax salvage value at the end of the project. The IRR of the project is:NPV = 0 = –$720,000 + 110,000 + $219,400(PVIFA IRR%,5) + [($48,750 – 110,000) / (1+IRR)5] IRR = 21.65%17.We will need the aftertax salvage value of the equipment to compute the EAC. Even though theequipment for each product has a different initial cost, both have the same salvage value. The aftertax salvage value for both is:Both cases: aftertax salvage value = $40,000(1 – 0.35) = $26,000To calculate the EAC, we first need the OCF and NPV of each option. The OCF and NPV for Techron I is:OCF = –$67,000(1 – 0.35) + 0.35($290,000/3) = –9,716.67NPV = –$290,000 – $9,716.67(PVIFA10%,3) + ($26,000/1.103) = –$294,629.73EAC = –$294,629.73 / (PVIFA10%,3) = –$118,474.97And the OCF and NPV for Techron II is:OCF = –$35,000(1 – 0.35) + 0.35($510,000/5) = $12,950NPV = –$510,000 + $12,950(PVIFA10%,5) + ($26,000/1.105) = –$444,765.36EAC = –$444,765.36 / (PVIFA10%,5) = –$117,327.98The two milling machines have unequal lives, so they can only be compared by expressing both on an equivalent annual basis, which is what the EAC method does. Thus, you prefer the Techron II because it has the lower (less negative) annual cost.18.To find the bid price, we need to calculate all other cash flows for the project, and then solve forthe bid price. The aftertax salvage value of the equipment is:Aftertax salvage value = $70,000(1 – 0.35) = $45,500Now we can solve for the necessary OCF that will give the project a zero NPV. The equation for the NPV of the project is:NPV = 0 = –$940,000 – 75,000 + OCF(PVIFA12%,5) + [($75,000 + 45,500) / 1.125]Solving for the OCF, we find the OCF that makes the project NPV equal to zero is:OCF = $946,625.06 / PVIFA12%,5 = $262,603.01The easiest way to calculate the bid price is the tax shield approach, so:OCF = $262,603.01 = [(P – v)Q – FC ](1 – t c) + t c D$262,603.01 = [(P – $9.25)(185,000) – $305,000 ](1 – 0.35) + 0.35($940,000/5)P = $12.54CH14 6、9、20、23、246. The pretax cost of debt is the YTM of the company’s bonds, so:P0 = $1,070 = $35(PVIFA R%,30) + $1,000(PVIF R%,30)R = 3.137%YTM = 2 × 3.137% = 6.27%And the aftertax cost of debt is:R D = .0627(1 – .35) = .0408 or 4.08%9. ing the equation to calculate the WACC, we find:WACC = .60(.14) + .05(.06) + .35(.08)(1 – .35) = .1052 or 10.52%b.Since interest is tax deductible and dividends are not, we must look at the after-tax cost ofdebt, which is:.08(1 – .35) = .0520 or 5.20%Hence, on an after-tax basis, debt is cheaper than the preferred stock.ing the debt-equity ratio to calculate the WACC, we find:WACC = (.90/1.90)(.048) + (1/1.90)(.13) = .0912 or 9.12%Since the project is riskier than the company, we need to adjust the project discount rate for the additional risk. Using the subjective risk factor given, we find:Project discount rate = 9.12% + 2.00% = 11.12%We would accept the project if the NPV is positive. The NPV is the PV of the cash outflows plus the PV of the cash inflows. Since we have the costs, we just need to find the PV of inflows. The cash inflows are a growing perpetuity. If you remember, the equation for the PV of a growing perpetuity is the same as the dividend growth equation, so:PV of future CF = $2,700,000/(.1112 – .04) = $37,943,787The project should only be undertaken if its cost is less than $37,943,787 since costs less than this amount will result in a positive NPV.23. ing the dividend discount model, the cost of equity is:R E = [(0.80)(1.05)/$61] + .05R E = .0638 or 6.38%ing the CAPM, the cost of equity is:R E = .055 + 1.50(.1200 – .0550)R E = .1525 or 15.25%c.When using the dividend growth model or the CAPM, you must remember that both areestimates for the cost of equity. Additionally, and perhaps more importantly, each methodof estimating the cost of equity depends upon different assumptions.Challenge24.We can use the debt-equity ratio to calculate the weights of equity and debt. The debt of thecompany has a weight for long-term debt and a weight for accounts payable. We can use the weight given for accounts payable to calculate the weight of accounts payable and the weight of long-term debt. The weight of each will be:Accounts payable weight = .20/1.20 = .17Long-term debt weight = 1/1.20 = .83Since the accounts payable has the same cost as the overall WACC, we can write the equation for the WACC as:WACC = (1/1.7)(.14) + (0.7/1.7)[(.20/1.2)WACC + (1/1.2)(.08)(1 – .35)]Solving for WACC, we find:WACC = .0824 + .4118[(.20/1.2)WACC + .0433]WACC = .0824 + (.0686)WACC + .0178(.9314)WACC = .1002WACC = .1076 or 10.76%We will use basically the same equation to calculate the weighted average flotation cost, except we will use the flotation cost for each form of financing. Doing so, we get:Flotation costs = (1/1.7)(.08) + (0.7/1.7)[(.20/1.2)(0) + (1/1.2)(.04)] = .0608 or 6.08%The total amount we need to raise to fund the new equipment will be:Amount raised cost = $45,000,000/(1 – .0608)Amount raised = $47,912,317Since the cash flows go to perpetuity, we can calculate the present value using the equation for the PV of a perpetuity. The NPV is:NPV = –$47,912,317 + ($6,200,000/.1076)NPV = $9,719,777CH16 1，4，12，14，171. a. A table outlining the income statement for the three possible states of the economy isshown below. The EPS is the net income divided by the 5,000 shares outstanding. The lastrow shows the percentage change in EPS the company will experience in a recession or anexpansion economy.Recession Normal ExpansionEBIT $14,000 $28,000 $36,400Interest 0 0 0NI $14,000 $28,000 $36,400EPS $ 2.80 $ 5.60 $ 7.28%∆EPS –50 –––+30b.If the company undergoes the proposed recapitalization, it will repurchase:Share price = Equity / Shares outstandingShare price = $250,000/5,000Share price = $50Shares repurchased = Debt issued / Share priceShares repurchased =$90,000/$50Shares repurchased = 1,800The interest payment each year under all three scenarios will be:Interest payment = $90,000(.07) = $6,300The last row shows the percentage change in EPS the company will experience in arecession or an expansion economy under the proposed recapitalization.Recession Normal ExpansionEBIT $14,000 $28,000 $36,400Interest 6,300 6,300 6,300NI $7,700 $21,700 $30,100EPS $2.41 $ 6.78 $9.41%∆EPS –64.52 –––+38.714. a.Under Plan I, the unlevered company, net income is the same as EBIT with no corporate tax.The EPS under this capitalization will be:EPS = $350,000/160,000 sharesEPS = $2.19Under Plan II, the levered company, EBIT will be reduced by the interest payment. The interest payment is the amount of debt times the interest rate, so:NI = $500,000 – .08($2,800,000)NI = $126,000And the EPS will be:EPS = $126,000/80,000 sharesEPS = $1.58Plan I has the higher EPS when EBIT is $350,000.b.Under Plan I, the net income is $500,000 and the EPS is:EPS = $500,000/160,000 sharesEPS = $3.13Under Plan II, the net income is:NI = $500,000 – .08($2,800,000)NI = $276,000And the EPS is:EPS = $276,000/80,000 sharesEPS = $3.45Plan II has the higher EPS when EBIT is $500,000.c.To find the breakeven EBIT for two different capital structures, we simply set the equationsfor EPS equal to each other and solve for EBIT. The breakeven EBIT is:EBIT/160,000 = [EBIT – .08($2,800,000)]/80,000EBIT = $448,00012. a.With the information provided, we can use the equation for calculating WACC to find thecost of equity. The equation for WACC is:WACC = (E/V)R E + (D/V)R D(1 – t C)The company has a debt-equity ratio of 1.5, which implies the weight of debt is 1.5/2.5, and the weight of equity is 1/2.5, soWACC = .10 = (1/2.5)R E + (1.5/2.5)(.07)(1 – .35)R E = .1818 or 18.18%b.To find the unlevered cost of equity we need to use M&M Proposition II with taxes, so:R E = R U + (R U– R D)(D/E)(1 – t C).1818 = R U + (R U– .07)(1.5)(1 – .35)R U = .1266 or 12.66%c.To find the cost of equity under different capital structures, we can again use M&MProposition II with taxes. With a debt-equity ratio of 2, the cost of equity is:R E = R U + (R U– R D)(D/E)(1 – t C)R E = .1266 + (.1266 – .07)(2)(1 – .35)R E = .2001 or 20.01%With a debt-equity ratio of 1.0, the cost of equity is:R E = .1266 + (.1266 – .07)(1)(1 – .35)R E = .1634 or 16.34%And with a debt-equity ratio of 0, the cost of equity is:R E = .1266 + (.1266 – .07)(0)(1 – .35)R E = R U = .1266 or 12.66%14. a.The value of the unlevered firm is:V U = EBIT(1 – t C)/R UV U = $92,000(1 – .35)/.15V U = $398,666.67b.The value of the levered firm is:V U = V U + t C DV U = $398,666.67 + .35($60,000)V U = $419,666.6717.With no debt, we are finding the value of an unlevered firm, so:V U = EBIT(1 – t C)/R UV U = $14,000(1 – .35)/.16V U = $56,875With debt, we simply need to use the equation for the value of a levered firm. With 50 percent debt, one-half of the firm value is debt, so the value of the levered firm is:V L = V U + t C(D/V)V UV L = $56,875 + .35(.50)($56,875)V L = $66,828.13And with 100 percent debt, the value of the firm is:V L = V U + t C(D/V)V UV L = $56,875 + .35(1.0)($56,875)V L = $76,781.25c.The net cash flows is the present value of the average daily collections times the daily interest rate, minus the transaction cost per day, so:Net cash flow per day = $1,276,275(.0002) – $0.50(385)Net cash flow per day = $62.76The net cash flow per check is the net cash flow per day divided by the number of checks received per day, or:Net cash flow per check = $62.76/385Net cash flow per check = $0.16Alternatively, we could find the net cash flow per check as the number of days the system reduces collection time times the average check amount times the daily interest rate, minus the transaction cost per check. Doing so, we confirm our previous answer as:Net cash flow per check = 3($1,105)(.0002) – $0.50Net cash flow per check = $0.16 per checkThis makes the total costs:Total costs = $18,900,000 + 56,320,000 = $75,220,000The flotation costs as a percentage of the amount raised is the total cost divided by the amount raised, so:Flotation cost percentage = $75,220,000/$180,780,000 = .4161 or 41.61%8.The number of rights needed per new share is:Number of rights needed = 120,000 old shares/25,000 new shares = 4.8 rights per new share.Using P RO as the rights-on price, and P S as the subscription price, we can express the price per share of the stock ex-rights as:P X = [NP RO + P S]/(N + 1)a.P X = [4.8($94) + $94]/(4.80 + 1) = $94.00; No change.b. P X = [4.8($94) + $90]/(4.80 + 1) = $93.31; Price drops by $0.69 per share.c. P X = [4.8($94) + $85]/(4.80 + 1) = $92.45; Price drops by $1.55 per share.To get EBITD (earnings before interest, taxes, and depreciation), the numerator in the cash coverageratio, add depreciation to EBIT:EBITD = EBIT + Depreciation = $23,556.52 + 2,382 = $25,938.52Now, simply plug the numbers into the cash coverage ratio and calculate:。
国际会计课后答案 重点
第一章导论2.会计可以被看做是包括三个部分：计量、披露和审计。
这种分类的优点和缺点是什么？你能提出其他有效的分类吗？Advantage: Some might argue that measurement, disclosure, and external auditing are three distinct (although related) processes, involving different members of the company. For example, corporate attorneys often are involved in disclosure issues, but seldom intervene in measurement ssues. The Board of Directors works with the external auditors but not necessarily with the comptroller s office. Thus, discussion of accounting requirements and voluntary accounting choices in different jurisdictions is simplified by focusing on the three components of accounting. Disadvantage: measurement, disclosure and auditing are interdependent, and should not be viewed in isolation of one another. A company choosing to disclose as little as possible, for example, may use accounting measurement approaches that reduce the information content of financial statements, and select an external auditor who will be relatively lenient in enforcing accounting requirements. One alternative classification might include accounting (measurement and disclosure), and auditing. A second classification might include financial reporting (annual and interim reporting, regulatory filings) and ad hoc disclosure (press releases, analyst meetings, etc). Any classification is arbitrary, and potentially useful depending on its purpose.优势：一些人可能认为测量，披露和外部审计是三个不同的（虽然相关）流程，涉及公司的不同成员。
新编会计学原理(李海波)19版课后题第9、10章答案
新编《会计学原理》—基础会计练习答案第九章财产清查复习思考题1、财产清查有什么意义？运用财产清查手段，对各种财产物资进行定期或不定期的核对或盘点，具在十分重要的意义。
2、永续盘存制与实地盘存制有什么区别？哪些条件下适宜采用实地盘存制？哪些条件下适宜采用永续盘存制？永续盘存制亦称“账面盘存制”，是平时对单位各项财产物资分别设立明细账，根据会计凭证连续记载其增减变化并随时结出余额的一种管理制度。
实地盘存制是平时根据有关会计凭证，只登记财产物资的增加数，不登记减少数，月末或一定时期可根据期末盘点资料，弄清各种财物的实有数额。
3、为什么要清查库存现金和银行存款？清查库存现金是通过实地盘点进行的，用于现金的收支业务十分频繁，容易出现差错。
通过核对，往往会发现双方项目不一致。
4、如果遇到数量多、体积庞大、难以盘点的物资，如何确保其数量、质量的完好？1、查明差异，分析原因；2、认真总结，加强管理；3、调整账目，账实相符；4、无法归还的应付款项处理。
5、财产清查结果如有差异，在财务上应如何处理？财务部门对于财产清查中发现的差异以及差异的处理必须及时地进行账簿记录的调整。
具体应分两步进行：第一步：应将已经查明的资产盘盈、盘亏和损失等根据有关原始凭证（如财产物资盘存单等）编制记账凭证，据以记入有关账户，使各项财产的账存数同实存数完全一致。
第二步，按照差异发生的原因和报经批准的结果，根据有关批文编制记账凭证，据以登记入账。
习题一1、银行存款余额调节表（资料1）200×年7月31日2、因为银行对账单和未达账项均无误，而调节后的存款余额，企业多于银行，证明是企业银行存款日记账有误。
编制调节表时所发现的错误金额是：584 000-570 400=13 600(元)企业7月31日银行存款日记账余额应该是:535 000-13 600=521 400（元）200×年7月31日月末企业实际可用的银行存款余额为：570 4003、银行存款余额调节表(资料2)200×年8月31日调节后存款余额相等，证明企业和银行双方账目无误。
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国际会计第九版第十章答案10-1
交易日会计:
(1)交易日:20x1年8月14日
借：债券期货投资100，000
贷：应付债券期货合同款100,000
借：存出保证金10,000
贷：银行存款10,000
（2）8月30日
借：存出保证金400
贷：银行存款400
借：债券期货投资4000
贷：债券期货投资损益4000
（3）结算日
借：债券期货投资损益2000
贷：债券期货投资2000
借：应付债券期货合同款100,000
财务费用（交易费）600
银行存款11800
贷：债券期货投资102,000
存出保证金10,400
结算日会计
（1）交易日：8月14日
借：存出保证金10,000
贷：银行存款10,000
（2）8月30日
借：存出保证金400
贷：银行存款400
借：债券期货投资4000
贷：债券期货投资损益4000
（3）结算日
借：债券期货投资损益2000
贷：债券期货投资 2000
借：财务费用 600
银行存款 11800
贷：债券期货投资 2000
存出保证金 10400
10—2
会计分录：
1（1）交易日
借：股票期货期权投资应收款 40,000
贷：股票期权投资 40,000
借：股票期权投资期权费 2,000 贷：银行存款 2,000 （注意：这时的股票期权投资属于负债类的。
）（2）6月30日
借：股票期权投资 4000
贷：股票期权投资损益 4000
（3）结算日
借：股票期权投资 2000
贷：股票期权投资期权费 2000
借：股票期权投资 3400
财务费用（交易费） 300
银行存款 5700
贷：股票期权投资应收款 40,000
2 共获利：6000-2000-300=3700 美元
3执行价值低于期权费时，将亏损
4执行价值为负值时，选择不执行期权合同
10—3
（1）发行债券时
借：银行存款 100,000
贷：应付债券 100,000
（2）计提1—6月份的债券利息和互换交易费借：财务费用—债券利息费用 2750
贷：应付债券利息 2750 借：应计费用 250
贷：互换交易费 250
计提7—12月份的债券利息和互换交易费
借：财务费用-债券利息费用 2400
贷：应付债券利息 2400 借：互换交易费 100
贷：应计费用 100
（3）20x1年末支付利息和互换交易费
借：应付债券利息 5150
贷:银行存款 5000
应计费用 150
10—4
（1）20x1年1月1日
借;债券投资 20,000
贷：银行存款 20.000
（2）20x1年末
借：债券投资 2,000
贷：债券投资损益 2,000
（3）20x2年1月1日
借：出售债券远期合同应收款 22,000
贷;出售远期合同 22,000
（4）20x2年末被套期项目公允价值下降
借：债券投资损益 1,000
贷：债券投资 1，000
套期工具跌价：
借：出售债券远期合同 1,000
贷;套期损益 1,000
10—5
（1）20x1年10月17日，未发生成本，采用结算日会计，故不作记录 20x1年12月31日：
借：购入存货远期合同 600
贷：递延套期损益 500
远期合同损益 100
（2）假设情况一发生
借：递延套期损益 500
贷：套期损益 500
同时，等待机会，转手这项远期合同
（3）假设情况二发生
借：递延套期损益 80
贷：购入存货远期合同 80
借：递延套期损益 420
银行存款 49700
贷：购入存货远期合同 520
销货收入 49600。