国际会计chapter7

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1、ExercisesforChapter7一、MultipleChoiceQuestions1.Anumberofmacroeconomicvariablescanadverselyaffectcomparabilityofthefinancialperformanceofsubsidiariesindifferentcountries.Theseinclude:a.Thelevelsofinflationincountries.b.Thelevelsofpoliticalstabilityincountrie

2、s.c.Thelaborsituationincountries.d.Alloftheabove.e.Only(a)and(b).2.ResearchstudiescomparingbudgetingandperformanceevaluationpracticesinJapanandtheUnitedStateshavefoundthat:a.thelengthoftimespentinpreparingbudgetswashigherintheU.S.thaninJapan.b.U.S.firmstend

3、edtofocusonprofitabilitymeasureswhileJapanesefirmstendedtofocusonsalesvolumeandmarketshare.c.thecompensationandpromotionofU.S.managerswasmorelikelytobeimpactedbytheirbudgetperformancethanwerethoseofJapanesemanagers.d.Alloftheabove.e.Only(b)and(c)above.3.Man

4、agerswhorefrainfromactivemanagementofforeignexchangeriskmaydosoforavarietyofreasons,including:a.theyconsidertheuseofriskmanagementinstrumentssuchascurrencyoptionsandswapsasspeculative.b.theyclaimthatforeigncurrencyexposurescannotbemeasuredwithprecision.c.th

5、eyarguethatallbusinessisriskyandthefirmgetsrewardedforbearingrisk.d.theyassertthatthefirm'sbalancesheetishedgedonanaccountingbasis.e.Alloftheabove.4.Managersactivelyengagedinforeignexchangeriskmanagementcitethefollowingbenefits:a.Sincethereisadirectrelation

6、shipbetweenacompany'sriskanditscostofcapitalalessvolatileearningsstreamreducesitscostofcapital.b.Alessvolatileearningsstreamhasthepotentialfortaxsavingsundercertaintaxregimes.c.Hedgingactivitiescanhelpsecuritiesanalystsgetamoreprecisevalueofthefirm'sassets.

7、d.Alloftheabove.e.Only(a)and(b)above.5.Themaintypesofforeignexchangeexposureare:a.translationexposureb.transactionexposurec.operatingexposured.currencyexposuree.Only(a),(b),and(c)above.6.Themainforeigncurrencyriskhedginginstrumentsavailabletocompaniesare:a.

8、forwardcontracts,currencyoptions,currencyfutures,politicalriskinsurance.b.forwardcontracts,currencyoptions,moneymarkethedges,currencyfutures.c.currencyfutures,commoditiesfutures,politicalriskinsurance,