国际会计复习资料(附业务题答案)
Comprehensive Exercise (2010)
A. Complete the following sentences
1.We view accounting as consisting of three broad areas: (measurement)、(disclosure) and (auditing). (Measurement)is the process of identifying, categorizing, and quantifying economic activities or transactions. (Disclosure) focuses on issues such as what is to be reported, when ,by what means, and to whom.
2. Double-entry originates in the (Italy ) city states.
3. Hofstede’s four cultural dimensions are: (individualism vs. collectivism) , (high power distance vs.low power distance),(high uncertainty avoidance vs low uncertainty avoidance ) and (masculinity vs. femininity).
4. The four culture dimensions that affect a nation’s financial repor ting practices by Gray refer to ( professionalism vs. statutory control),(uniformity vs. flexibility), (conservatism vs. optimism ) and (secrecy vs. transparency).
5. In the countries that the sources of finance mainly rely on the (Capital market or equity market),such as US and UK. Disclosure are extensive to meet the requirements of widespread public ownership.
6.In the countries that the sources of finance mainly rely on the (banks or credit system ),such as Japan and Switzerland. In order to protect the creditor, extensive public disclosure are not considered necessary.
7.The legal system of Western world can be considered two different types, one is (code law or civil law) and the other is (common law or case law).
8. In (code law or civil law) countries, laws are an all-embracing. Accounting standards and procedures are incorporated into national laws.
9.Accounting standard setting normally involves a combination of (private) and (public) sector groups. The (private) sector includes the accounting profession and other groups affected by the financial reporting process. The (public )sector includes such agencies as tax authorities. ministries responsible for commercial law, and securities commissions.
10.One key distinction in financial reporting is weather accounting is oriented toward (a fair presentation) of financial position and results of operations or toward (compliance with
legal )requirements and tax laws.
11.Accounting in the United States is regulated by a private sector body (the Financial Accounting Standards board, or FASB), but a governmental agency (the Securities and Exchange Commission, or SEC)underpins the authority of its standards. SEC have right to supervise and revise to the standard finally .
12.The accounting “（the true and fair）” view appear in United Kingdom（companies law）(1948) first.
13.In France, large companies must also prepare documents relating to ( the prevention of business bankruptcies) and (a social report).
14.The following three exchange rates can be used to translate foreign currency balances to domestic currency. they are （current rate.），（historical rate ）and（average rate）
15. In France ,Business expenses are deductible for tax purpose only if they are (fully booked) and reflected in annual financial statements.
16. In France, CNCC is a professional society composed of certified public auditors. Administered by ( Ministry of Justice).
17. A feature of French accounting is the dichotomy between (individual company) financial statements and those for the （consolidated）group.
18.Conservative（balance sheet ）valuations are central to (creditor protection). This creates a tendency to undervalue(低估) assets and overvalue liabilities
19. （Certified public accountants）in Germany are called WPs. Or (enterprise examiners ).
20. In German, the second-tier（二级）body of auditors is named( Book Examiners), who are only allowed to audit small and medium-sized companies
21. There are two classification auditors in Japan. One engaged in (statutory audit), the other engaged in (independent ) audit.
22. One of the accounting paradoxes(悖论）in ( Netherlands) is that it is a code law country but it’s accounting is oriented toward fair presentation.
23.The Dutch flexibility toward accounting measurements may be most evident in permitting the use of ( current value )for tangible assets such as inventory and depreciable assets.
24.The majority countries in the world use the direct quote . except (U.K. or British) and ( U.S. or America ).
25.There are two accounting treatments for foreign currency transaction ,one is
(single-transaction ) perspective and the other is( two-transaction ) perspective.
26. In a (direct quote ), the exchange rate specifies the number of domestic currency units needed to acquire a unit of foreign currency.
27.Under a ( deferral ) method ,translation gains and losses are listed on the balance sheet. It is regarded as a single item ”“Translation adjustment”, list at the part of “owner’s equity”. 28.Under (No deferral ) method translation gains and losses are listed on the income statement. It is regarded as ”“Tr anslation gains or losses”,list after “management expenses”.
29.There are four methods can be used in foreign currency translation. They are(current rate ) method, (current-noncurrent) method,(monetary-nonmonetary) method and (temporal )method.
30. Use ( current )rate to translate statement items should not give rise to translation gains or losses, so it can preserves the original cost equivalent of a foreign currency item in the reporting currency.
31. Exchange gains and losses can be divided two parts :( translation ) gains and losses and (transaction ) gains and losses.
32. Under ( current rate ) method all foreign assets and liabilities translated at the current rate. But except for the items owner’s equity.
33. Under (current rate ) method ,the consolidated statements preserve the original financial statement relationships such as financial ratios.
34. (monetary-nonmonetary ) method views monetary assets and liabilities exposed to exchange rate risk.
35.Under(temporal ) method, foreign currency balances at historical cost are translated at historical rates, and foreign currency balances at current cost or market value are translated at the current rate.
36.A subsidiary company perspective requires the ( current rate ) translation method in order to preserve relationship exiting in the foreign currency statements.
37. General price level change refers to a movement in the prices of all goods and services in an economy on average. Positive price movement is termed ( inflation ). Negative price movement is called ( deflation ).
38 .Holding gain refers to the (increase) in the current cost of a nonmonetary asset.
39. An excessive rate of inflation as when the general level of prices in an economy increases by more than 25 percent per annum is called( hyperinflation ).
40. Inflation is the increase in the general level of prices of all ( goods ) and (services) in an economy.
41. Accounting for the financial statement effects of general price-level changes is called the (Historical cost-constant purchasing power )model.
42. GPL is a cost ratio that compares the cost of a basket of goods in the current period with the cost of that same basket in a (base or prior ) period.
43. Purchasing power gain or loss is the difference between the net monetary items measured by (constant purchasing power currency) unit with the net monetary items measured by (nominal currency) unit.
44. Under general price level accounting, net income is the sum of the two numbers ,one is adjusted operating income ,the other is ( purchasing power gain or loss ).
45.Current cost-based net income include two parts, one is (realized income,)the other is (unrealized holding gains. )
46. At present, primary derivative financial instruments may be classified into following categories: (futures contract),(option contract),(forward contract )and (swap contract).
47. The recognition of derivative financial instruments can be mainly divided into three phases: (initial recognition),(subsequent recognition) and (de- recognition).
48. Accounting for the financial statement effects of general price-level changes is called
the(historical cost-constant purchasing power) model. Accounting for specific price changes is referred to as the (current cost )model
49. Under the ( European ) options , the buyer will make a choice at the end of time. Under the (American ) options , the buyer will make a choice before the end of time.
50.( Exercise Price ) means the trading price of a option contract that both sides
agreement.(Exercise Value )is the profit get by the buyer. It is a intrinsic value of a option.
51.( Interest rate swap ) means the exchange of the debts which use the same currency at different interest rate.
52. The three types of hedging are:( fair value hedging),( cash flow hedging ) and hedging for a firm’s net investment of overseas operating .
53. (Tax neutrality) means that taxes have no effect on resource allocation decisions. If taxes influence the allocation of resources ,the result will probably be less than optimal. 54.( Taxes equity) means that taxpayers who are similarly situated should pay the same tax
55. The government of the host country levy taxes on the benefit from (dividend),( interest )and (royalty payments) that gained by foreign investor is called ( withholding tax ).
56.The principles on the income from a foreign country Including (territorial) principle, (person) principle and ( world ) principle.
57. The method of avoidance of international double taxation usually consist of( tax deductions), (tax credit ), (tax exemption.) and (bilateral tax treaties).
58. There are two basic tax administration systems in the world ,one is (classical ) system ,the other is(integrated) system.
59.The countries or areas those with few natural resources offer permanent tax inducements for
a business. They are called(Tax havens).
60.(Bilateral Tax treaties) refers to the agreements between countries on taxation of income and withholding taxes
B. Choose the Correct Answer for Each Item Below
1. In general ,which of the following items is not the basic characteristic of Fair Presentation Accounting?( d )
a. with a common law legal system
b. shareholders as the principal source of finance.
c. auditors exercise more judgment and auditing profession tends to be more development and self-regulated .
d. the public sector is relatively more influential in standards setting.
2.In which country the financial accounting and taxation are separated? (b)
a. Germany
b. United Kingdom
c. Japan
d. France
3. In general ,which of the following items is not the basic characteristic of Legal Compliance Accounting?(c)
a. have a code law legal system
b. rely heavily on banks and the governments as sources of finance.
c. the private sector is relatively more influential in standards setting.
d. have a close linkage between financial and tax accounting.
4.In the chapter of” Comparative Accounting”, what are the three areas that we have compared? (abc)
a. accounting regulation and enforcement
b. financial reporting
c. accounting measurements.
d. disclosure
5.Which is the most important accounting regulation of France? (a)
a. PCG
b. Code de Commerce
c. Accounting act
d. Company Law
6. In France, which organization has real regulatory power. ( b)
a. CNC (National Accounting Board)
b. CRC (Accounting Regulation Committee)
c. AMF (Financial Markets Authority)
d. OEC (Institute of Public Accountants)
7.In which country the legal permit the professional accountant's on-the-job condition is the same as certified accountant. So, more than 85 certified accountants are the certified public auditor at the same time . (a)
a. France
b. Germany
c. Japan
d. Netherland
8.In France, besides basic financial reporting such as balance sheet and income statement, large companies must also prepare documents relating to (ab )
a. the prevention of business bankruptcies
b. social report
c. cash flow statement
d. selected quarterly data
9. A leading Japanese scholar refers to Japan Accounting regulation as a “triangular legal system”. Which one of the following is not belong to the system? ( d )
a. Commercial Code
b. Securities and Exchange Law
c. Corporate Income Tax Law
d. Civil Law
10. In Japan, the financial statements and supporting schedules of small and medium-sized companies are subject to audit only by (a ).
a. Statutory Auditors
b. Independent Auditor
c. Enterprise Examiner
d. Book Examiner
11. In Japan, the financial statements of publicly held companies must be audited in accordance with the Securities and Exchange Law by ( ab ).
a. Statutory Auditors
b. Independent Auditor
c. Enterprise Examiner
d. Book Examiner
12. In Japan, ( a )do not need any particular professional qualifications and are employed by the company on a full-time basis.
a. Statutory Auditors
b. Independent Auditor
c. Enterprise Examiner
d. Book Examiner
13. Which one of the following reporting is the unique to Japan? ( d )
a. balance sheet
b. income statement
c. cash flow statement
d. proposal for appropriation of retained earnings
14. (c ) is the important accounting regulation of Netherlands.
a. Commercial Code
b. Tax Law
c. Civil Code
d. Securities and Exchange Law
15. The first country to develop an accountancy profession is ( c ).
a. France
b. Germany
c. United Kingdom
d. United State
16. The “true and fair view” begin to appear first in ( c) Companies Law (1948)
a. France
b. Germany
c. United Kingdom
d. United State
17.In Britain ,( b ) is empowered to issue accounting Standards.
a. Financial Reporting Council
b. Accounting Standards Board
c. Financial Reporting Review Panel
d. Urgent Issues Task Force
18. Which one of the following foreign currency translation method belongs to single rate method( a )
a. current rate method
b. current-noncurrent method
c. monetary-nonmonetary method
d. temporal method
19. what methods belong to Multiple rate methods.( bcd )
a. current rate method
b. current-noncurrent method
c. monetary-nonmonetary method
d. temporal method
20.Under( d ) , foreign currency balances at historical cost are translated at historical rates, and foreign currency balances at current cost or market value are translated at the current rate.
a. current rate method
b. current-noncurrent method
c. monetary-nonmonetary method
d. temporal method
21. ( c) method views monetary assets and liabilities exposed to exchange rate risk.
a. Current rate method
b. Current-noncurrent method
c. Monetary-nonmonetary method
d. Temporal method
22 Under( bcd)method, depreciation, amortization charges at historical rates in effect when
related assets are acquired.
a. current rate method
b. current-noncurrent method
c. monetary-nonmonetary method
d. temporal method
23.Under( a )method, depreciation, amortization charges at current rates .
a. current rate method
b. current-noncurrent method
c. monetary-nonmonetary method
d. temporal method
24.Functional currency can be the( abc ) currency.
a. parent
b. local
c. another foreign
d. any
25. Generally we select the (b) currency as functional currency when sales market of a subsidiary company is largely in the host country and denominated in local currency.
a. parent
b. local
c. another foreign
d. any
26..( a ) belongs to monetary assets .
a. cash
b. inventory
c. equipment
d. land
27.( b ) belongs to nonmonetary assets.
a. cash
b. inventory
c. accounts receivable
d. notes receivable
28. ( d ) will bring purchasing gains during a period of inflation.
a. cash
b. inventory
c. accounts receivable
d. accounts payable
29. ( ac ) will bring purchasing loss during a period of inflation.
a. cash
b. inventory
c. accounts receivable
d. accounts payable
30. ( b ) will bring holding gains during a period of inflation.
a. cash
b. inventory
c. accounts receivable
d. accounts payable
31. During a period of price changes, assets recorded at their original acquisition costs resulting in an overstatement in reported income. This will not lead to( d).
a. higher taxes
b. higher dividends
c. higher wages
d. underestimate income
32. Accounting for the financial statement effects of general price-level changes is called the ( a )model.
a. historical cost-constant purchasing power
b. historical cost-nominal purchasing power
c. current cost-constant purchasing power
d. current cost- nominal purchasing power
33. During inflation, a firm holding monetary assets experiences a ( a ).
a .purchasing power loss b. purchasing power gain c. holding loss d. holding gain
34. Current cost-based net income generally include three items. They are(abc )
a. current cost-based operating income
b. realized holding gains
c. unrealized holding gains
d. unrealized operating income
35. Under current cost accounting model,( c ) need to adjusted from historical cost to current cost.
a. cash
b. accounts receivable
c. inventory
d. short-term debt
36. (abc ) belongs to basis financial instruments.
a. common stock
b. corporate bonds
c. accounts receivable
d. bonds option investment
37. ( d) belongs to derivative financial instruments.
a. common stock
b. corporate bonds
c. accounts receivable
d. bonds option investment
38.( a ) is regarded as a standardized forward contract.
a. futures contract
b. option contract
c. swap contract
d. commodity contract
39. ( c )refers to the account treatment for a financial instruments at the settlement date.
a .Initial recognition
b .Subsequent recognition
c. De-recognition
d. Accounting recognition
40. According to the choice of the initial recognition time point ,there are two accounting model use for dealing with derivative financial instruments .(ab)
a. transaction date accounting
b. settlement date accounting
c. initial date accounting
d. subsequent date accounting
41. Under the ( b) options , the buyer will make a choice before the end of time.
a. European
b. American
c. call
d. put
42. Withholding tax refers to the tax imposed on ( abc ) to foreign investors.
a. dividend
b. interest
c. royalty
d. operating earnings
43. ( a) is called border tax.
a. Customs duties
b. Export duties
c. Withholding tax
d. Corporate tax
44. A company operating abroad encounters a variety of taxes, which is not one of them?( d )
a. corporate income tax
b. withholding tax
c. Border tax
d. business tax
45.What are the important factors that can affect the tax burden of a business?( abc )
a. tax rates
b. taxable income
c. social overhead costs
d. economic level
46.The principles on the income from a foreign country of China is ( c )
a. territorial principle
b. person principle
c. world principle
d. source jurisdiction principle
47. In ( a ) ,businesses that purchase real estate may get tax preference from 6% to10% at the year of purchase
a. America
b. England
c. Germany D. China
48. Under( a ), Corporate income is taxed twice.
a. classical system
b. integrated system
c. tax-split System
d. tax- credit system
49. The complicating Variables that affect the International Transfer Pricing including (abcd).
a. tax considerations
b. tariff considerations
c. competitive factors
d. environmental risks
50.OECD identifies several broad methods of ascertaining an arm’s-length price. They
are(abcd )
a. comparable uncontrolled price method
b. comparable uncontrolled transaction method
c. resale price method
d. cost-plus pricing method
C. Explain to the Concepts
1. International accounting
International accounting is a area of accounting which study on how to treatment specific accounting practice of a multinational company or how to provide information of an entity to non-domestic readers
2.Goodwill
Goodwill is capitalized as the difference between fair value of the consideration given in the exchange and the fair values of the underlying net assets acquired.
4.direct quote
The exchange rate specifies the number of domestic currency units needed to acquire a unit of foreign currency.
5.indirect quote
The exchange rate specifies the price of a unit of the domestic currency in terms of the foreign currency.
6.current rate
The exchange rate in effect at the relevant financial statement date.
7.functional currency
The primary currency in which an entity does business and generates and spends cash. It is usually the currency of the country where the entity is located and the
currency in which the books of record are maintained
8.historical rate
The foreign exchange rate that prevailed when a foreign currency asset or liability was first acquired or incurred.
9.monetary items
Obligations to pay or rights to receive a fixed number of currency units in the future.
10.settlement date
The date on which a payable is paid or a receivable is collected.
11. general price level change
Refers to a movement (change) in the prices of all goods and services in an economy on average.
12. specific price change
Refers to the movement (a change) in the price of a specific good or service caused by changes in demand and supply.
13. general purchasing power equivalents
Currency amounts that have been adjusted for changes in the general level of prices.
14. specific price change.
The change in the price of specific commodity, such as inventory or equipment.
15. holding gain
Increase in the current cost of a nonmonetary asset.
16. hyperinflation
An excessive rate of inflation as when the general level of prices in an economy increases by more than 25 percent per annum.
17. purchasing power
The general ability of a monetary unit to command goods and services.
18. monetary gains
Increase in general purchasing power that occur when monetary liabilities are held during a period of inflation.
19. monetary losses
Decreases in general purchasing power that occur when monetary assets are held during a period of inflation.
20.GPL
GPL is a cost ratio that compares the cost of a basket of goods in the current period with the cost of that same basket in a prior or base period.
D. Answer the questions below
1. What factors are contributing to the importance of international accounting as a field of study?
Growth and spread of multinational operations
Global competition
Cross-border mergers and acquisitions
Internationalization of capital markets
2.What are the major influence factors of the accounting pattern?
1) sources of finance
2)legal system
3)taxation
4)political and economic ties
5)inflation
6)level of economic development
7)education level
8)culture
3. How many components are included in a typical annual financial report of a large U.S. corporations? What are they?
A typical annual financial report of a large U.S. corporation includes the following components:
(1)report of management
(2)report of independent auditors
(3)Primary financial statements (income statement, balance sheet, statement of cash flows,
statement of comprehensive income, and statement of stockholders’equity)
(4)management discussion and analysis of results of operations and financial condition
(5)notes to financial statements
(6)five-or ten-year comparison of selected financial data
(7)selected quarterly data.
4 .Please explain the main contents of the Director’s reports in British.
The director’s report addresses principal business activities, review of operations and likely developments, important post-balance sheet events, recommended dividends, names of the directors and their shareholdings, and political and charitable contributions.
5.British financial reporting generally include 7 parts, what are they?
(1)Director’s report
(2)Profit and loss account and balance sheet
(3)cash flow statement
(4)Statement of total recognized gains and losses
(5)Statements of accounting policies
(6)Notes that are referenced to the financial statements
(7)Auditor’s report
6. Fluctuating exchange rates cause several major issues in accounting for foreign currency translation, what are they?
(1)Which exchange rate should be used to translate foreign currency balances to domestic
currency?
(2)Which foreign currency assets and liabilities are exposed to exchange rate changes?
(3)How should translation gains and losses be accounted for?
E. Judgment of the item below is false or true
1. Domestic accounting is an information specialty providing information about a firm to users of that information as a basis for economic decisions. √
2. International accounting is a branch of accounting. It resolves the specific accounting practice of a multinational company or providing information of an entity to non-domestic readers.√
3.Accounting can be divided into three broad areas : measurement ,disclosure and auditing. √
4.In the history of accounting ,double-entry originates in the British city states. ×
5.In the history of accounting, Dutch enhance periodic income measurement.√
6. Hofstede’s four cultural dimensions are: Professionalism vs. statutory control, Uniformity vs. flexibility, conservatism vs. optimism and Secrecy vs. transparency .×
7. In the countries that the sources of finance mainly rely on the banks, such as US and UK. Disclosure are extensive to meet the requirements of widespread public ownership.×
8.The legal system of Western world can be considered two different types, one is code law and the other is civil law. ×
9.In most common law countries, accounting rules are establish by private-sector professional organizations.√
10.In Sweden and Germany, financial accounting is separated from tax accounting.×
11.In Netherlands, tax legislation determine accounting standard.×
12. Accounting in Sweden developed from the microeconomic approach. ×
13. Accounting developed from macroeconomic approach in the Netherlands.×
14. Accounting developed as independent discipline in the U.K and the U.S.√
15.Under Uniform approach, Accounting is standardized by central government and used as a tool for administrative control. Japan is the example.×
16. The private sector who set the accounting standards includes the accounting profession and other groups affected by the financial reporting process. √
17.The accounting practice emphasize Fairness and Substance over Form when the orientations of accounting is compliance with legal requirements .×
18. When the orientations of accounting is compliance with legal requirements, financial and tax accounting are unified that there will be no deferred tax .√
19.In France, a company whose employee exceed 300 peoples should be considered a large company. It has more disclosure obligation.√
20.In Germany, auditor must report to the state prosecutor all criminal acts that they find in the course of auditing. √
21. In Britain, more than 85 certified accountants are the certified public auditor at the same time ×
22. Creditor protection is a fundamental concern of German accounting .√
23. British accounting is designed to compute a prudent income amount that leaves creditors unharmed after distributions are made to owners. ×
24.In Germany, WPs and Book Examiner are legally sanctioned to conduct independent audit examinations of companies.√
25. In Japan, the commercial Code is administered by the Ministry of finance.×
26.In America, expenses can be claimed for tax purposes only if they are fully booked.×
27. In Japan ,both statutory and independent auditors must audit large corporations. √
28. In the Netherlands, independent auditors may complain to the enterprise chamber if it believes that a company’s financial statements don’t conform to applicable law. ×
29.In a indirect quote, the exchange rate specifies the number of domestic currency units needed to acquire a unit of foreign currency.×
30.Domestic currency equivalents are obtained by multiplying foreign currency balances by direct
exchange rate quotations or dividing foreign currency balances by indirect quotations. √
31. Under a single-transaction perspective, exchange adjustments are treated as an adjustments to the original transaction accounts on the premise, that a transaction and its settlement are a single events.√
32. Under a two-transaction perspective, collection receivables is considered a separate events from the sale that gave rise to it.√
33.Translation gains or losses result from a restatement process. Transactions gains or losses result from the physical exchange of one currency for another. √
34. Gain or loss on a settled transaction arises whenever consolidated financial statements are prepared before settlement and the current rate has changed since the transaction date. √35. Under partial deferral method ,To recognize losses as soon as they occur, but to recognize gains only as they are realized.√
36. The subsidiary company perspective views a foreign subsidiary as an extension of the parent .×
37. Specific price change refers to a movement (change) in the prices of all goods and services in an economy on average.×
38. Inflation reflects the specific price change ×
39. Generally specific price change caused by changes in demand and supply.√
40. Adjusting assets values for changes in specific prices is called current cost adjustments.√
41. Accounting for specific price changes is referred to as the current cost model.√
42. Accounting for general price changes is referred to as the current cost model.×
43. GPL is a measure of the general purchasing power of the monetary unit.√
44. The objective of general price level adjustments is to measure income such that it represents an amount that could be withdrawn from the business while preserving the general purchasing power of the firm’s original investment.√
*45. GPL is a cost ratio that compares the cost of a specific item with its cost in a prior or base period.×
46. SPL is a cost ratio that compares the cost of a specific item with its cost in a prior or base period.√
47. Derivative instruments dealing with "leveraged effect". As long as the proportion of the deposit
is paid out, the transactions can be conducted.√
48. Initial recognition of financial instruments refers to adjust the value changes caused by the changes in fair value at the end of accounting term.×
49. Under an European options ,the buyer will make a choice at the end of time.√
50. Corporate income tax belongs to direct taxes.√
51. Consumers ultimately bear the cost of value-added tax.√
52. Border tax have important effects on business decision such as the structure of acquisition. ×
53. Transfer tax is designed to keep domestic goods price competitive with imports.√
54.A low tax rate does not necessarily mean a low tax burden.√
55. Tax- credit system is one of the classical system .×
56. Under tax-split system ,generally use of different rates on retained earnings and distributed earnings, the rate on retained earnings is lower than distributed earnings .×
57. Arm’s-length principle refers to Intra-firm transactions are priced as if they took place between unrelated parties in competitive markets.√
58. Comparable profits method is one of the pricing method under arm’s-length principle .√
59. Profit-split methods is one of the pricing method under arm’s-length principle .√
60.The principles on the income from a foreign country of America is territorial principle .
×
F. Drills of Business Transaction
1.XYZ is a U.S. company, its foreign exchange business as below：
On Dec. 1, 2008 ,XYZ company purchases a quantity of merchandise , on that day the exchange rate is UK￡0.6169=US＄1 .Assume the transaction costs is UK￡81050，payment period is 60 days.
Assume the following exchange rates :
December 31,2008 UK￡0.6150=US＄1
January 31,2009 UK￡0.6159=US＄1
Required：
Prepared double entries under Two-transaction Perspective when transaction ,
statement and transaction settlement date.
1. On Dec. 1, 2008. Transaction Date
Dr.Merchandise Inventory $131382.72 Cr.Accounts Payable $131382.72 ￡81050÷0.6169
2. On Dec. 31,2008. Statement Date
Dr. Foreign Exchange Loss $405.9 Cr. Accounts Payable $405.9 ￡81050÷0.6150-81050÷0.6169
3. On Jan. 31,2009. Settlement Date
(1)Dr. Accounts Payable $192.58
Cr. Foreign Exchange Gain $192.58
￡81050÷0.6159-81050÷0.6150
(2)Dr. Accounts Payable $131596.04
Cr.Cash $131596.04
2.On January 1, assume that a U.S. firm borrows 5 million Swiss francs (CHF) for three years at 6 percent interest paid semiannually in Swiss francs .The principal does not have to be repaid until the end of loan. Assume also that the loan is adjusted for any exchange rate change every six months. Assume the following exchange rates for the first year:
January 1 $0.8000
June 30 $0.7900
December 31 $0.8800
The average exchange rate for the first six months was $.7960 and for the next six months was $.8500.
Required：Please prepare the journal entries for the first year.
On January 1
Cash $ 4,000,000
Loan Payable $ 4,000,000
CHF 5,000,000 x0.80000
On June 30
(1) Loan Payable $50,000
Foreign Exchange Gain $50,000 CHF 5,000,000 x(0.80000-0.7900)
(2)Interest Expense $119,400
Foreign Exchange Gain $900
Cash $118,500 Interest Expense:
CHF 5,000,000 x. (0.06/2) x0.7960 = CHF 150,000x0.7960 =$119,400
Interest Paid:
CHF 5,000,000 x. (0.06/2) x0.7900 = CHF 150,000x0.7900=$118,500
On December 31
(1) Foreign Exchange Loss $450,000
Loan Payable $450,000 CHF 5,000,000 x(0.8800-0.7900)
(2)Interest Expense $127,500
Foreign Exchange Loss $4,500 Cash $132,000 Interest Expense:
CHF 5,000,000 x. (0.06/2) x0.8500. = CHF 150,000x0.8500 =$127,500
Interest Paid:
CHF 5,000,000 x. (0.06/2) x0.8800 = CHF 150,000x..8800=$132,000
3. Assume a company earns $1000,000 this year, subject to a 35 percent corporate income tax . And distributes a 70 percent dividend to its shareholders, who subject to a 30 percent personal income tax .
Assumed that the credit ratio is 25% .(Tax credit system )
Required: Please calculate the total tax paid on corporate income
(1) Under Classical System
(2) Under Tax Credit System
3. (1) Under Classical System (2) Under Tax Credit System
Corporate income：$1000，000 Corporate income：$1000，000
-Income tax at 35% 350，000 -Corporate income tax at 35% 350，000 =Net income $650，000 = Net income $650，000 Dividend （70%）$455，000 Dividend（70%）$455，000 -Personal income tax at 30% 136，500 Tax credit at 25% $113.，750 =Net amount to shareholders $318，500 Corporate income tax $350，000 Total tax paid on corporate income: -Credit paid in advance 113，750 Corporate tax $350，000 =Actual corporate income tax $236，250 Individual income tax 136，500 Dividend to shareholders $455,000 Total $486，500 +Tax credit 113,750
=Actual dividend ：$568,750
Individual income tax （30%）$170,625
-Tax credit 113,750
Actual individual income tax $ 56,875
Total tax paid on corporate income
Corporate tax $350，000（236,250+113,750）
Individual income tax 56,875
Total $406,875
4.On Jan. 8, 2009 ,An American company signed a two-month futures contract to purchase bond futures , on that day the value of bond futures (market price) was $300 000.
The company paid for $30 000 initial margin deposits (at 10% of the futures price) and will fill pay or return a certain amount of deposits with the increase or decrease of the futures price.
Suppose on Jan. 31, the market price of the bond futures rose to $320 000.
On Feb. 28, the company closed the deposit at $315 000 and paid $ 1600 for interchange fee based on predicting the price will decline constantly. Then, settled the differences .
transaction date accounting settlement date accounting
1. January. 8 (transaction date)
（1）Bonds Futures Investment $300 000
Bonds Futures Contract Payable $300 000
（2）Deposits Paid $30 000 (1) Deposits Paid $30 000
Cash $30 000 Cash $30 000
2.January. 31
(1) Deposits Paid $2000 (1) the same
Cash $2000
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银行会计业务题答案-推荐下载
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国际会计第七版英文版课后答案(第八章)
Chapter 8 Global Accounting and Auditing Standards Discussion Questions 1.A rgument for measurement: ?Discrepancies in international measurement may produce accounting amounts that are vastly different (even where financial transactions and position are identical), leading to incorrect comparisons. Here it doesn’t matter what is disclosed; no reliable comparisons are possible anyway. Arguments for disclosure: ?If companies do not disclose complete information, they can hide losses or future problems from financial statement users. For example, losses can be hidden by offsetting them against gains. Expected future problems related to loss contingencies can be hidden simply by not disclosing them. Thus, if disclosure is incomplete, even the application of similar measurement principles will lead to incorrect comparisons. Clearly, international accounting convergence requires that both measurement and disclosure be made comparable. 2. The term convergence is associated with the International Accounting Standards Board. Before the IASB, harmonization was the commonly used term. Harmonization means that standards are compatible; they do not contain conflicts. Harmonization was generally taken to mean the elimination of differences in existing accounting standards, in other words, finding a common ground among existing standards. Convergence means the gradual elimination of differences in national and international accounting standards. Thus, the terms harmonization and convergence are closely aligned. However, convergence might also involve coming up with a new accounting treatment not in any current standards. 3.a. Reciprocity, or mutual recognition, exists when regulators outside of the home country accept a foreign firm’s financial statements based on the home country’s principles, or perhaps IFRS. For example, the London Stock Exchange accepts U.S. GAAP-based financial statements in filings made by non-U.K. foreign companies. Reciprocity does not increase cross-country comparability of financial statements, and it can create an unlevel playing field in that foreign companies may be allowed to apply standards that are less rigorous than those used by domestic companies. b. With reconciliation, foreign firms can prepare financial statements using the accounting standards of their home country or IFRS, but also must provide a reconciliation between accounting measures (such as net income and shareholders’ equity) of the home country and the country where the financial statements are being filed. Reconciliations are less costly than preparing a full set of financial statements under a different set of accounting principles, but provide only a summary, not the full picture of the enterprise. c. International standards are a result of either international or political agreement, or voluntary (or professionally encouraged) compliance. When accounting standards are applied through political, legal, or regulatory procedures, statutory rules typically govern the process. All other international standards efforts in accounting are voluntary in nature.
财务会计习题集及标准答案
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定购料合同 5．会计主体假设规定了会计核算的（）。 A时间范围 B空间范围 C期间费用范围 D成本开支范围6．下列属于收益性支出的有（）。 A建造房屋的各项支出 B长期股票投资支出 C生产工人工资 D为取得专利权发生的支出 7．下列各项中适用于划分各会计期间收入和费用的原则是（）。 A实际成本计价原则 B一致性原则 C权责发生制原则 D谨慎性原则8．下列各项中适用于财产计价的原则是（）。 A权责发生制原则 B配比原则 C收付实现制原则 D实际成本原则9．下列原则中不属于信息质量要求的原则是（）。A明晰性原则 B可比性原则 C配比原则 D相关性原则
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