优质国际会计简答题

1、一、Single Choice ( 10 questions, 1 points each, 10 points in total 单选题， 1 0题，每题 1 分，共计 10分)二、Multiple Choice ( 5 questions, 2 points each, 10 points in total -多选题， 5题，每题 2分，共计 10分)三、True or False ( 10 questions, 1 point each, 10 points in total -判断题， 10题，每题 1 分，共计 10分)四、Brief Answer ( 3 questions, 10

2、 points each, 30 points in total -简答题， 3题，每题 10分，共计 30分)五、Case Problem ( 4 questions, 10 points each, 40 points in total -案例题， 4题，每题 10分，共计 40分)CHAPTER 1 FINANCIAL REPORTING IN THE GLOBAL AREA1.Interaction between accounting and ten environmental factors(1) Nature of capital markets(2)Type of report

3、ing regimes(3)Type of business entity(4)Type of legal system(5)Level of enforcement(6)Level of inflation(7)Political and economic ties(8)Status of the accounting profession(9)Existence of a conceptual framework(10)Quality of accounting education2. Existence of a conceptual frameworkThe definition of

4、 a conceptual framework:a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function,and limits of financial accounting and financial statements.一套目标与基本原理互相关联的、有内在逻辑性的体系，该体系能够导致前后一贯的会计 准则，并指出财务会计与财务报表的性质、作用与局限性。3. Elemen

5、t of a conceptual framework(1) A statement of aims or objectives of financial accounting.(2) Targeted users of financial statement(3) Financial accounting statements that ought to be issued(4) Qualities and characteristics of good financial Accounting.(5) Limitations of financial statements(6) Scope

6、 of applicability of conceptual framework(7) Definition of reporting entity(8) Definition and basis of recognizing financial statement elements(9) Measurement of financial statement elements and concept of capital maintenance4. Classification of financial accounting and reporting system(1) Classific

7、ation based on the relative importance attached to particular roles of accounting in society:micro-user oriented system,macro-user oriented system.(P14， exhibit 1-5)(2) Classification based on environmental(3) variables:(4) Nobes classification of accounting systems(5) Major challenges facing accoun

8、ting globallyCHAPTER 2 HARMONIZING FINANCIAL REPORTING STANDARDS GLOBALLY5. The definition of accounting harmonization:It is the process by which differences in financial reporting practices among countries are reduced with a view to making financial statements more comparable and decision-useful ac

9、ross countries6. PRESSURES FOR HARMONIZATIONInvestor groups,multinational companies,regulators,the securities industry and developing countries.7.Obstacles to harmonization(1) A basic obstacle:the extent that economic consequences of accounting practices vary by country and the extent they are consi

10、dered in the standard-setting process.(2) A political obstacle:nationalism(3) Another political obstacle:the absence of strong professional accounting bodies in a number of countries.(4) Other obstacles:the divergence between the needs of large multinationals and smaller business entities ,difficult

11、ies in coordinating change among the large number of IASC members,and emotional resistance to change proposed.8.Supranational organizations engaged in accounting harmonization(1) International Accounting Standards Committee(IASC)(2) International Federation of Accountants(IFAC)(3) International Orga

12、nization of Securities Commission(IOSCO)(4) United Nations(UN)(5) Organization for Economic Cooperation and Development(OECD)Chapter 3 accounting for currency exchange rate changes9. (1)Provide an overview of foreign exchange markets and define related terminology(2) Describe the different types of

13、foreign exchange exposure(3) Differentiate between foreign currency transaction and translation(4) Compare the different methods of accounting for foreign currency translation(5) Describe the main features of FASB statement NO.52 and compare it with earlier standards(6) Present the translation metho

14、dology under IAS 21(7) Discuss the impact of the introduction of the euro on financial reporting10. Foreign exchange transactiontwo parties agree to exchange one currency for another at a specified rate of exchange.(1) spot transaction(2)forward contract(3)currency option(4)currency futures11. Relat

15、ed Terminology(1) bid rate(buy rate):the price at which a financial institution is willing to buy a currency.(2) Ask rate(sell rate,offer rate):the price at which financial institution is willing to sell a currency.(3) The spread:difference between the bid and ask rates(4) Premiumdiscount (forward r

16、ate,spot rate)(5) Direct quote:the price of one unit of the foreign currency priced in the domestic currency.(indirect quote) P61(6) Foreign transactionForeign currency transactionforeign currency translation11.Foreign transaction-foreign currency transactionforeign currency translation(1) Foreign c

17、urrency transaction: one that requires settlement in a currency other than the entity s functional currency.(2) Foreign transaction: not every foreign transaction is denominated in a foreign currency.12. Foreign currency translationProcess of expressing financial statements denominated in one curren

18、cy in terms of a second currency for special purposes.Foreign operation: A subsidiary, associate (联营)，joint venture(合营)，or branch whose activities are based in a country other than that of the reporting enterprise.13. Foreign exchange exposure(1) A measure of the potential for a firm s profitability

19、, cash flow, and market value to change because of a change in exchange rates.(2) Translation exposure(3) Transaction exposure(4) Economic exposure14. Accounting for foreign transactionTwo-transaction approach:a company s foreign currency receivable or payable is considered a second transaction whic

20、h is distinct from the original transaction to buy or sell goods or services.15. Entry for credit transactionDr:inventory/ accounts receivablecr:accounts payable/revenuesDr:accounts payable/cashforeign exchange loss or gaincr:cash/ accounts receivable (p63-64,illustration3-2,3-3)16. Foreign currency

21、 translationCurrent rate:the exchange rate prevailing at the balance sheet date.(2) Historical rate:the exchange rate prevailed at the date on which a specific transaction occurred.(3) Average rate:a weighted average of the exchange rates prevailed during the period for which financial statements ar

22、e being prepared.17. Different assumes:(1) Current rate method:all assets and liabilities face currency risk.(2) Monetary/non-monetary method:only the monetary items face currency risk.(3) Current/non-current method:only the current items face currency risk.(4) Temporal method: the valuation basis u

23、sed in financial statements decides which items face currency risk.18. How to deal with the translation adjustment.(In which financial statement-income statement or balance sheetthe translation gains and losses are recorded.)(1) Current rate method:Foreign currency translation gains and losses don t

24、 affect the income statement ,a cumulative translation adjustment (CTA)in the year-end shareowners equity in the balance sheet.(2) Temporal method:all translation gains and lossesare included in the income statement and affect the company s earnings for the period.19. Current rate method(1) All bala

25、nce sheet items (except owners equity) are translated at the current exchange rate.the common stock and additional paid-in capital accounts are carried in at the historicalexchange rate.(2) In income statement,all revenues and expenses using the average rate for the period.20. Temporal method(1) The

26、 measurement basis of an asset or liability determines the exchange rate to be used for translation.monetary accounts are translated at the current exchange rate.(2) non-monetary items (inventories and fixed assets ) are translated at the historical exchange rate If they are carried at historical co

27、st.if they are carried on the books at current value ,they are translated at the current exchange rate.21. Most revenues and expenses are translated using the average exchange rate.Depreciation and cost of goods sold are translated at historical exchange rate if related fixed assets and inventories

28、are carried at historical costs. (P67,exhibit3-1)22. FASB Statement No.52(1) Concept of functional currency :The currency of the primary economic environment in which the foreign subsidiary operates and generates cash flows.(2) If the foreign subsidiary is a relatively independent entity that is the

29、 product of its local environment then the local currency is the functional currency.(3) If a foreign subsidiary is merely an extension of its U.S. parent, the U.S. dollar is the functional currency.(4) The functional currency is neither local currency nor the U.S. dollar but rather a third currency

30、.23. Functional currency determines the translation method.(1) If the U.S dollar is deemed to be the functional currency of the foreign subsidiary ,using the temporal method.(2) If the local currency is determined to be the foreign subsidiary s functional currency,using the current rate method.(3) I

31、f the functional currency is neither the U.S dollar nor the local currency,a two-step translation process.local currency to the functional currency using the temporal method;the functional currency to the U.S. dollar using the current rate method.24. translation in highly inflationary economiesSFAS

32、No.52: In hyperinflationary situations(cumulative inflation of 100 percent or moreover a three-year period),the reporting currency of the parent must be designated as the functional currency.IAS No.21: the financial statements of subsidiaries must be adjusted to reflect changes in general price leve

33、ls before translation. restate/translateChapter 4 Selected financial reporting and disclosure issues in the global context25. (1)GPLA:.General price level adjusted model(2)balance sheet items: Monetary items-cash,receivables,payables,liabilities(3) Non-monetary items-They must be adjusted to reflect

34、ed the effect of inflation.(4) Adjustment factor=CPI(financial statement )/historical CPI(5) Retained earnings :a plug in moving from a historical-cost balance sheet to a GPLA balance sheet.26. (1)Income statement items:Revenues,expenses and income tax adjustment factor=CPI (at the end of the year)/

35、average CPI (2)depreciation expense and amortization expenseadjustment factor=CPI (financial statement)/historical CPI(3) GPLA basis net income=GPLA net operating income+net monetary gain/loss27. net monetary gains and losses(1) net monetary item=monetary assets monetary liabilities(2) Monetary gain

36、/loss on beginning=net monetary item on beginning *CPI(financial statement)/CPI(the beginning of the year)-1(3) Monetary gain/loss on change=net monetary item on change *CPI(financial statement)/average CPI-128. CCA model(1) Takes a physical approach to measuring wealth and income.(2) Accounting pro

37、cedures under the CCA model:(3) Holding gains and losses: a result of an increase or decrease in the price of physical assets. (net monetary gain/loss)(4) Holding gains and losses=specific physical asset(replacement cost)-specific physical asset(historical cost).29. (1)Realized holding gains/losses:

38、physical asset has been consumed. =COGS,depreciation(replacement cost)-COGS,depreciation(historical cost)(2)Unrealized holding gains/losses= (inventory,fixed asset)replacement cost-historical cost30. Accounting for goodwill and intangible assets(1)Concept of goodwill: the excess of the value of an o

39、ngoing business over the value of the individual identifiable net assets of the business (unidentifiable).Purchased goodwill meets the criteria for asset recognition while internally generated goodwill doesn t .(2)Positive goodwill: the total price paid for an acquired business is higher than the fa

40、ir value of its net identifiable assets.(3)Negative goodwill: the fair value of the company s net identifiable assets is more than the purchase price.(4) goodwill with indefinite useful lives shouldn t be amortized, but rather tested at least annually for impairment using a fair-value-based test.31.

41、 Brands, Patents,and Trademarks Intangible asset: An identifiable non-monetary asset without physical substance.(1)acquired identifiable(2)Internally generated identifiable32. Different treatments of brands(1)IAS: preclude the recognition of internally generated intangibles as assets (2)Australia :m

42、any companies recognize internally generated brands as assets.(3)UK: a number of companies reported it as an asset.33. Treatments for recognized intangible assets (SFAS 142)(1)Intangible assets with indefinite useful lives shouldn t be amortized,but rather tested at least annually for impairment using a fair-value-based test.(2)Intangible assets that have finite useful live