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1、AdvancedAccounting,11e(Beams/Anthony/Bettinghaus/Smith)Chapter12DerivativesandForeignCurrency:ConceptsandCommonTransactionsMultipleChoiceQuestions1)OnMay1,2011,DeerfieldCorporationpurchasedmerchandisefromaGermanfirmfor78,000euroswhenthespotratefortheeurowas1.48europerdollar.Theaccountpayablewasd
2、enominatedintheeuro.DeerfieldsettledtheaccountonAugust1whenthespotratefortheeurowas1.39europerdollar.HowmuchcashwillDeerfieldhavetodisbursetosettletheaccount?A)$52,702.72B)$56,115.11C)$108,420.00D)$115,440.00Answer:BExplanation:B)78,000euro/1.39europerdollar=$56,115.11Objective:LO4Difficulty:Eas
3、y2)CassCorporation'sbalancesheetatDecember31,2011includeda$48,480accountreceivablefromRedmunCorporationofMexico.Theaccountreceivablewasdenominatedas600,000Mexicanpesos.WhatentrydidCassmakeonJanuary16,2012whentheaccountreceivablewascollectedandtheexchangerateforthepesowas$.09?A)Cash54,000Accounts
4、Receivable54,000B)Cash54,000ExchangeGain5,520AccountsReceivable48,480C)Cash48,480AccountsReceivable48,480D)Cash48,480ExchangeLoss5,520AccountsReceivable54,000Answer:BExplanation:B)600,000×$0.09=$54,000;$54,000-$48,480=$5,520gainObjective:LO5Difficulty:Moderate3)TheexchangeratesbetweentheAustrali
5、andollarandtheU.S.dollarwereasfollows:Jun11$AUS=$.8328USJul11$AUS=$.8356USAug11$AUS=$.9111USThischartshowsaA)strengtheningAustralianDollarwhichmakesitlessexpensiveforAmericanstobuyAustraliangoods.B)weakeningAustraliandollarwhichmakesitlessexpensiveforAmericanstobuyAustraliangoods.C)strengthening
6、AustraliandollarwhichmakesitmoreexpensiveforAmericanstobuyAustraliangoods.D)weakeningAustraliandollarwhichmakesitmoreexpensiveforAmericanstobuyAustraliangoods.Answer:CObjective:LO3Difficulty:Easy4)Withrespecttoexchangerates,whichofthefollowingstatementsistrue?A)Anofficialexchangerateisthe"market
7、"rateresultingfromthesupplyanddemandforacurrency.B)Afloatingexchangerateisthe"market"rateresultingfromthesupplyanddemandforacurrency.C)Agovernmentcannotsetanexchangeratefortheircurrencythatishigher(weakenstheircurrency)thant
