上海对外经贸大学 高级财务会计学笔记-高级财务会计学（英）chapter 12.docVIP

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Copyright?2015PearsonEducation,Inc.

AdvancedAccounting,12e(Beamsetal.)

Chapter12DerivativesandForeignCurrency:ConceptsandCommonTransactions

12.1MultipleChoiceQuestions

1)OnMay1,2014,DeerfieldCorporationpurchasedmerchandisefromaGermanfirmfor78,000euroswhenthespotratefortheeurowas1.48europerdollar.Theaccountpayablewasdenominatedintheeuro.DeerfieldsettledtheaccountonAugust1whenthespotratefortheeurowas1.39europerdollar.HowmuchcashwillDeerfieldhavetodisbursetosettletheaccount?

A)$52,702.72

B)$56,115.11

C)$108,420.00

D)$115,440.00

Answer:B

Explanation:B)78,000euro/1.39europerdollar=$56,115.11

Objective:LO4

Difficulty:Easy

2)CassCorporationsbalancesheetatDecember31,2014includeda$48,480accountreceivablefromRedmunCorporationofMexico.Theaccountreceivablewasdenominatedas600,000Mexicanpesos.WhatentrydidCassmakeonJanuary16,2015whentheaccountreceivablewascollectedandtheexchangerateforthepesowas$.09?

A)

Cash

54,000

AccountsReceivable

54,000

B)

Cash

54,000

ExchangeGain

5,520

AccountsReceivable

48,480

C)

Cash

48,480

AccountsReceivable

48,480

D)

Cash

48,480

ExchangeLoss

5,520

AccountsReceivable

54,000

Answer:B

Explanation:B)600,000×$0.09=$54,000;$54,000-$48,480=$5,520gain

Objective:LO5

Difficulty:Moderate

3)TheexchangeratesbetweentheAustraliandollarandtheU.S.dollarwereasfollows:

Jun1 1$AUS=$.8328US

Jul1 1$AUS=$.8356US

Aug1 1$AUS=$.9111US

Thischartshowsa

A)strengtheningAustralianDollarwhichmakesitlessexpensiveforAmericanstobuyAustraliangoods.

B)weakeningAustraliandollarwhichmakesitlessexpensiveforAmericanstobuyAustraliangoods.

C)strengtheningAustraliandollarwhichmakesitmoreexpensiveforAmericanstobuyAustraliangoods.

D)weakeningAustraliandollarwhichmakesitmoreexpensiveforAmericanstob