国际会计课后作业二(附答案)

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1、Exercises:ForeignCurrencyAccounting姓名：班级：学号：成绩：A.Answerthequestionsbelow1.Fluctuatingexchangeratescauseseveralmajorissuesinaccountingforforeigncurrencytranslation,whatarethey?(ortheprimaryproblemaboutforeigncurrencytranslationare?)TheAnswer:(1)Whichex

2、changerateshouldbeusedtotranslateforeigncurrencybalancestodomesticcurrency?(2)Whichforeigncurrencyassetsandliabilitiesareexposedtoexchangeratechanges?(3)Howshouldtranslationgainsandlossesbeaccountedfor?B.ExplaintotheConceptsdirectquoteTheexchangerates

3、pecifiesthenumberofdomesticcurrencyunitsneededtoacquireaunitofforeigncurrency.indirectquoteTheexchangeratespecifiesthepriceofaunitofthedomesticcurrencyintermsoftheforeigncurrency.currentrateTheexchangerateineffectattherelevantfinancialstatementdate.fu

4、nctionalcurrencyTheprimarycurrencyinwhichanentitydoesbusinessandgeneratesandspendscash.ItisusuallythecurrencyofthecountrywheretheentityislocatedandthecurrencyinwhichthebooksofrecordaremaintainedhistoricalrateTheforeignexchangeratethatprevailedwhenafor

5、eigncurrencyassetorliabilitywasfirstacquiredorincurred.monetaryitemsObligationstopayorrightstoreceiveafixednumberofcurrencyunitsinthefuture.settlementdateThedateonwhichapayableispaidorareceivableiscollected.C.DrillsofBusinessTransaction1.XYZisaU.S.com

6、pany,itsforeignexchangebusinessasbelow：OnDec.1,2008,XYZcompanypurchasesaquantityofmerchandise,onthatdaytheexchangerateisUK￡0.6169=US＄1.AssumethetransactioncostsisUK￡81050，paymentperiodis60days.Assumethefollowingexchangerates:December31,2008UK￡0.6150=U

7、S＄18January31,2009UK￡0.6159=US＄1Required：PrepareddoubleentriesunderTwo-transactionPerspectivewhentransaction,statementandtransactionsettlementdate.1.OnDec.1,2008.TransactionDateDr.MerchandiseInventory$131382.72Cr.AccountsPayable$131382.72￡81050÷0.6169

8、2.OnDec.31,2008.StatementDateDr.ForeignExchangeLoss$405.9Cr.AccountsPayable$405.9￡81050÷(0.6150-0.6169)3.OnJan.31,2009.SettlementDate(1)Dr.AccountsPayable$192.58Cr.ForeignExchangeGain$192.58￡81050÷(0.6159-0.6150)(2)Dr.AccountsPayable$131596.04