- 1、本文档共10页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
国际会计课后作业二(附答案)
Exercises: Foreign Currency Accounting
姓名: 班级: 学号: 成绩:
Answer the questions below
1.Fluctuating exchange rates cause several major issues in accounting for foreign currency translation, what are they?( or the primary problem about foreign currency translation are ?)
The Answer:
(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?
B. Explain to the Concepts
direct quote
The exchange rate specifies the number of domestic currency units needed to acquire a unit of foreign currency.
indirect quote
The exchange rate specifies the price of a unit of the domestic currency in terms of the foreign currency.
current rate
The exchange rate in effect at the relevant financial statement date.
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
historical rate
The foreign exchange rate that prevailed when a foreign currency asset or liability was first acquired or incurred.
monetary items
Obligations to pay or rights to receive a fixed number of currency units in the future.
settlement date
The date on which a payable is paid or a receivable is collected.
C. 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
文档评论(0)