Question 1

Accepted Answer

A)  revalued using spot rates throughout its life with any gains or losses to be deferred and amortized as they occur. 
B)  revalued at fair value throughout its life with any gains or losses to be deferred and amortized as they occur. 
C)  valued using spot rates throughout its life with any gains or losses to be taken into income as they occur. 
D)  revalued at fair value throughout its life with any gains or losses to be taken into income as they occur. 
A)  revalued using spot rates throughout its life with any gains or losses to be deferred and amortized as they occur. 
B)  revalued at fair value throughout its life with any gains or losses to be deferred and amortized as they occur. 
C)  valued using spot rates throughout its life with any gains or losses to be taken into income as they occur. 
D)  revalued at fair value throughout its life with any gains or losses to be taken into income as they occur.

Question 2

Which of the following statements is correct?

Accepted Answer

A)  In Canada, the cost of a unit of foreign currency in Canadian dollars is a direct quotation, while the cost in that foreign currency of purchasing one Canadian dollar is referred to as an indirect quotation. 
B)  In Canada, the cost of a unit of foreign currency in Canadian dollars is an indirect quotation, while the cost in that foreign currency of purchasing one Canadian dollar is referred to as a direct quotation. 
C)  In Canada, the cost of a unit of foreign currency in Canadian dollars is a direct quotation, and the cost in that foreign currency of purchasing one Canadian dollar is also referred to as a direct quotation. 
D)  In Canada, the cost of a unit of foreign currency in Canadian dollars is an indirect quotation, while the cost in that foreign currency of purchasing one Canadian dollar is also referred to as an indirect quotation. 
A)  In Canada, the cost of a unit of foreign currency in Canadian dollars is a direct quotation, while the cost in that foreign currency of purchasing one Canadian dollar is referred to as an indirect quotation. 
B)  In Canada, the cost of a unit of foreign currency in Canadian dollars is an indirect quotation, while the cost in that foreign currency of purchasing one Canadian dollar is referred to as a direct quotation. 
C)  In Canada, the cost of a unit of foreign currency in Canadian dollars is a direct quotation, and the cost in that foreign currency of purchasing one Canadian dollar is also referred to as a direct quotation. 
D)  In Canada, the cost of a unit of foreign currency in Canadian dollars is an indirect quotation, while the cost in that foreign currency of purchasing one Canadian dollar is also referred to as an indirect quotation.

Question 3

The average rates in effect for 2010 and 2011 were as follows:   At what amount (in Canadian Dollars) would XYZ record its initial Loan Liability on January 1, 2010?

Accepted Answer

A)  $5,471,500. 
B)  $5,476,500. 
C)  $5,747,500. 
D)  $5,750,000. 
A)  $5,471,500. 
B)  $5,476,500. 
C)  $5,747,500. 
D)  $5,750,000.

Which of the following statements is correct?

The average rates in effect for 2010 and 2011 were as follows: At what amount (in Canadian Dollars) would XYZ record its initial Loan Liability on January 1, 2010?

Conceptual and Case Analysis Frameworks for Financial Reporting

Investments in Equity Securities

Business Combinations

Consolidation of Non-Wholly Owned Subsidiaries

Consolidation Subsequent to Acquisition Date

Intercompany Inventory and Land Profits

A Intercompany Profits in Depreciable Assets B Intercompany Bondholdings

Consolidated Cash Flows and Changes in Ownership

Other Consolidation Reporting Issues

Translation and Consolidation of Foreign Operations

Accounting for Not-For-Profit and Public Sector Organizations

Filters

Exam 10: Foreign Currency Transactions

Which of the following statements is correct?

The average rates in effect for 2010 and 2011 were as follows: At what amount (in Canadian Dollars) would XYZ record its initial Loan Liability on January 1, 2010?

Conceptual and Case Analysis Frameworks for Financial Reporting

Investments in Equity Securities

Business Combinations

Consolidation of Non-Wholly Owned Subsidiaries

Consolidation Subsequent to Acquisition Date

Intercompany Inventory and Land Profits

A Intercompany Profits in Depreciable Assets B Intercompany Bondholdings

Consolidated Cash Flows and Changes in Ownership

Other Consolidation Reporting Issues

Translation and Consolidation of Foreign Operations

Accounting for Not-For-Profit and Public Sector Organizations

Filters