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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
