1 - FC transactions

1 - FC transactions

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时间:2019-10-19

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1、AdvancedAccountingIITopic1A–ForeigncurrencytransactionsBasedonslidesaccompanyingAdvancedAccounting,10theditionbyFloydA.Beams,RobinP.Clement,JosephH.Anthony,andSuzanneLowensohnFCTransactions-ObjectivesExplainthedifferencebetweenreceivableorpayablemeasurementanddenom

2、ination.Understandkeyconceptsrelatedtoforeigncurrencyexchangerates,suchasindirectanddirectquotes;floating,fixed,andmultipleexchangerates;andspot,current,andhistoricalexchangerates.BasedonslidesaccompanyingAdvancedAccounting,10theditionbyFloydA.Beams,RobinP.Clement,

3、JosephH.Anthony,andSuzanneLowensohnFCTransactions–Objectives(cont)Recordforeigncurrency-denominatedsales/receivablesandpurchases/payablesattheinitialtransactiondate,year-end,andthereceivableorpayablesettlementdate.BasedonslidesaccompanyingAdvancedAccounting,10thedi

4、tionbyFloydA.Beams,RobinP.Clement,JosephH.Anthony,andSuzanneLowensohnBasedonslidesaccompanyingAdvancedAccounting,10theditionbyFloydA.Beams,RobinP.Clement,JosephH.Anthony,andSuzanneLowensohnMeasurementandDenominationMeasuredinacurrencyRecordedinthefinancialrecordsin

5、thatcurrencyAlsoknownasreportingorpresentationorfunctionalcurrency(usuallythecurrencyofthecountryinwhichthecompanyislocated)DenominatedinacurrencyRequiressettlement(paymentorreceipt)inthatcurrencyForfirmsinChina:CNYisthemeasurementcurrencyPayablesandreceivablesmayb

6、edenominatedinCNYorothercurrenciesExchangeRatesSpotrateExchangerateforimmediatedeliveryCurrentrateExchangerateatbalancesheetdate,orExchangerateatthetransactiondateHistoricalrateExchangeratewhichexistedwhenaspecifictransactionoreventoccurredRatesmaybefixedorfloating

7、BasedonslidesaccompanyingAdvancedAccounting,10theditionbyFloydA.Beams,RobinP.Clement,JosephH.Anthony,andSuzanneLowensohnBasedonslidesaccompanyingAdvancedAccounting,10theditionbyFloydA.Beams,RobinP.Clement,JosephH.Anthony,andSuzanneLowensohnQuotingExchangeRatesDirec

8、tquotation(CNYperoneforeigncurrencyunit)CNY6.5222for$1(Australiandollar)Indirectquotation(foreigncurrencyunitsperoneCNY)$0.1533(Australiandollars

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