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2 Misson, a public limited company, has carried out transactions denominated in foreign currency during the financial
year ended 31 October 2006 and has conducted foreign operations through a foreign entity. Its functional and
presentation currency is the dollar. A summary of the foreign currency activities is set out below:
(a) Misson has a 100% owned foreign subsidiary, Chong, which was formed on 1 November 2004 with a share
capital of 100 million euros which has been taken as the cost of the investment. The total shareholders’ equity
of the subsidiary as at 31 October 2005 and 31 October 2006 was 140 million euros and 160 million euros
respectively. Chong has not paid any dividends to Misson and has no other reserves than retained earnings in its
financial statements. The subsidiary was sold on 31 October 2006 for 195 million euros.
Misson would like to know how to treat the sale of the subsidiary in the parent and group accounts for the year
ended 31 October 2006. (8 marks)
Required:
Discuss the accounting treatment of the above transactions in accordance with the advice required by the
directors.
(Candidates should show detailed workings as well as a discussion of the accounting treatment used.)
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更多 “ 2 Misson, a public limited company, has carried out transactions denominated in foreign currency during the financialyear ended 31 October 2006 and has conducted foreign operations through a foreign entity. Its functional andpresentation currency is the dollar. A summary of the foreign currency activities is set out below:(a) Misson has a 100% owned foreign subsidiary, Chong, which was formed on 1 November 2004 with a sharecapital of 100 million euros which has been taken as the cost of the investment. The total shareholders’ equityof the subsidiary as at 31 October 2005 and 31 October 2006 was 140 million euros and 160 million eurosrespectively. Chong has not paid any dividends to Misson and has no other reserves than retained earnings in itsfinancial statements. The subsidiary was sold on 31 October 2006 for 195 million euros.Misson would like to know how to treat the sale of the subsidiary in the parent and group accounts for the yearended 31 October 2006. (8 marks)Required:Discuss the accounting treatment of the above transactions in accordance with the advice required by thedirectors.(Candidates should show detailed workings as well as a discussion of the accounting treatment used.) ” 相关考题
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(b) Misson has purchased goods from a foreign supplier for 8 million euros on 31 July 2006. At 31 October 2006,the trade payable was still outstanding and the goods were still held by Misson. Similarly Misson has sold goodsto a foreign customer for 4 million euros on 31 July 2006 and it received payment for the goods in euros on31 October 2006. Additionally Misson had purchased an investment property on 1 November 2005 for28 million euros. At 31 October 2006, the investment property had a fair value of 24 million euros. The companyuses the fair value model in accounting for investment properties.Misson would like advice on how to treat these transactions in the financial statements for the year ended 31October 2006. (7 marks)Required:Discuss the accounting treatment of the above transactions in accordance with the advice required by thedirectors.(Candidates should show detailed workings as well as a discussion of the accounting treatment used.)
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(ii) Audit work on after-date bank transactions identified a transfer of cash from Batik Co. The audit senior hasdocumented that the finance director explained that Batik commenced trading on 7 October 2005, afterbeing set up as a wholly-owned foreign subsidiary of Jinack. No other evidence has been obtained.(4 marks)Required:Identify and comment on the implications of the above matters for the auditor’s report on the financialstatements of Jinack Co for the year ended 30 September 2005 and, where appropriate, the year ending30 September 2006.NOTE: The mark allocation is shown against each of the matters.
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The foreign company has been______ running this factory for decades.A. enormouslyB. effectivelyC. infinitelyD. extremely
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对话理解听力原文：M: Can I open a foreign currency account and convert my money into a currency which offers the highest interest?W: Yes, we can arrange that for you, but foreign currency exchange rates are subject to fluctuation and sometimes you will suffer losses.Q: What does the woman mean?(11)A．Interest rate of a foreign currency is much higher.B．There are risks of losing money sometimes to open a foreign currency account.C．Foreign currencies exchange rates are relatively stable.D．It is advisable to open a foreign currency account.
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短文理解听力原文： The Chinese currency is the Renminbi. China has maintained a unified managed floating exchange rate since January 1994. The exchange rate of the Renminbi is determined by the inter-bank foreign exchange market. The People' s Bank of China announces a reference rate for the Renminbi against the US dollar, the Hong Kong dollar, and the Japanese yen based on the weighted average price of foreign exchange transactions during the previous day's trading. Daily movement of the exchange rate of the Renminbi against the US dollar in inter-bank foreign exchange market is limited to 0.3% on either side of the reference rate as announced by the PBC. The buying and selling rates of the Renminbi against the Hong Kong dollar and the Japanese yen may not deviate more than 1% on either side of the reference rate. In the case of other currencies, the deviation may not exceed 0.5% on either side of their respective rates.21. When did China begin to maintain a unified managed floating exchange rate?22.Who determines the exchange rate of the Renminbi?23.What is the deviation allowed on daily movement of the exchange rate of Renminbi against the US dollar?(21)A．1992B．1993C．1994D．1995
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In London, a premium on a foreign exchange rate means ______.A．the foreign currency is dearerB．the foreign currency is cheaperC．the foreign currency is less valuableD．it has no relevance at all
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In order to (56) foreign exchange administration, maintain strong balance of payments position, China (57) the Regulations on Foreign Exchange Administration on January 29,1996. The State Administration of Foreign Exchange is the agency responsible for foreign exchange administration. The SAFE has a similar branch structure with that of the People's Bank of China, China's central bank. The Bank of China (58) the principal foreign exchange bank. Other banks and financial institutions, (59) affiliates of non-resident banks, (60) designed transactions with the approval of the SAFE.(41)A．developB．improveC．changeD．conduct
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－ Can I exchange foreign currency in Bank of China －()
A、No, you can’t. Bank of China is not responsible for exchanging foreign currency.B、Yes, you can. Bank of China is an authorized foreign exchange bank.C、No, you can’t. Bank of China is not open on Sundays.
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听力原文：The bank's foreign exchange department has to keep constant track of the positions in the various currencies.(7)A．The bank's foreign exchange department has to record the positions in the various currencies.B．The hank's foreign exchange department has to record the positions in the various currencies.C．The bank's foreign branches department has to record the various foreign currency liabilities.D．The bank's foreign branches department has to record the positions in the various currencies.
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The term foreign exchange is best defined by the following statement: it is ______.A．the rate of exchange between two currenciesB．synonymous with currency exchangeC．the place in which foreign currencies are exchangedD．an instrument such as paper currency, note, and check used to make payments between countries
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听力原文：In foreign exchange transactions, a forward purchase is an undertaking to buy a particular amount of foreign currency for delivery and settlement of a future date.(7)A．A forward transaction is done on a future date.B．A forward purchase is to buy foreign currency in future.C．A forward purchase is to buy a foreign currency with settlement on a future date.D．A forward transaction is to buy a foreign currency on future date.
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A major problem with a fixed exchange rate system is that when countries run foreign trade deficits, ______.A．there is no self-correcting mechanismB．currency values become unstableC．the value of the reserve currency declinesD．world inflation increases
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From the point of view of a Chinese bank, ______ is our bank's account in the books of an overseas bank, denominated in foreign currency.A．a vostro accountB．a nostro accountC．a mirror accountD．a record account
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听力原文：Typical foreign exchange transactions involve trades of one currency for another in the spot or cash market, or forward transactions.(3)A．Forward transactions is not of typical foreign exchange transactions.B．Typical foreign exchange transactions occur in the spot or cash market.C．Forward transactions don't occur in the spot or cash market.D．Typical foreign exchange transactions occur only in the spot market.
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听力原文：The foreign exchange market operates much like other financial markets, but isn't located in a specific place like a stock exchange.(9)A．The foreign exchange market operates like other financial markets in every respect.B．The foreign exchange market has a specific place like a stock exchange.C．There's no physical market place such as stock exchanges for the foreign exchange transactions.D．The foreign exchange market operates quite differently since the former has no physical market place.
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The price in the foreign exchange market is called ______.A．the trade surplusB．the exchange rateC．the money priceD．the currency rate
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When a country runs a foreign trade deficit under a flexible foreign exchange rate system, its ______.A．imports automatically increaseB．currency automatically depreciatesC．exports automatically declineD．currency automatically appreciates
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Foreign exchange is convertible currency but foreign to the holder.A．RightB．WrongC．Doesn't say
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Maritime Declaration of Health is generally prepared by the Master ______．A.when his vessel is arriving at a foreign portB.when his vessel is leaving a foreign portC.after his vessel has left a foreign portD.after his vessel has arrived at a port
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______ is announced in the papers, our country has launched a large scale movement against smuggling and fraudulent activities in foreign currency exchange deals.A.What
B.As
C.Which
D.That
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The CEO of the company has been consistent ________ his policy associated with foreign investments over the last few years.A.of B.with C.at D.for
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Foreign money can be converted into the local currency at this bank.A: altered
B: changed
C: bought
D: sold
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You should convert RMB into foreign currency before you go abroad.A:alter
B:change
C:buy
D:sell
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Bank of China informs the beneficiary, a Chinese import and export company that a foreign bank has opened a letter of credit in his favor. The bank does not add its engagement by informing the beneficiary. The Bank of China ia acting as （）.A、The issusing bankB、The advising bankC、The confirming bankD、The negotiating bank
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单选题That radio company is so big that it has a lot of（）in foreign countries.A
introducersB
instructorsC
conductorsD
agents
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问答题Practice 2 ● In order to explore a foreign market, your company has decided to change its name to suit that foreign market, from LGD to LNO. You are the assistant to the Managing Director and are asked to inform all the staff of the name change. ● Write a memo: ● Informing them of the new name, ● Telling them when to use the new name, ● Stating that they should only use the new name after that time. ● Write 30-40 words on the opposite sheet.
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单选题It can be inferred from the passage that the minimal basis for a complaint to the international Trade Commission is which of the following?A
A foreign competitor has received a subsidy from a foreign government.B
A foreign competitor has substantially increased the volume of products shipped to the United States.C
A foreign competitor selling products in the United States at less than fair market value.D
The company requesting import relief has been injured by the sale of imports in the United States.
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