国际会计复习业务题答案版.docx

国际会计复习业务题答案版.docx

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国际会计复习业务题答案版

InternationalaccountingExercise（2011）

A.Completethefollowingsentences

1.Weviewaccountingasconsistingofthreebroadareas:

（measurement）、（disclosure）and（auditing）.（Measurement）istheprocessofidentifying,categorizing,andquantifyingeconomicactivitiesortransactions.（Disclosure）focusesonissuessuchaswhatistobereported,when,bywhatmeans,andtowhom.

2.Double-entryoriginatesinthe（Italy）citystates.

3.Hofstede’sfourculturaldimensionsare:

（individualismvs.collectivism）,（highpowerdistancevs.lowpowerdistance）,（highuncertaintyavoidancevslowuncertaintyavoidance）and（masculinityvs.femininity）.

4.Thefourculturedimensionsthataffectanation’sfinancialreportingpracticesbyGrayreferto（professionalismvs.statutorycontrol）,（uniformityvs.flexibility）,（conservatismvs.optimism）and（secrecyvs.transparency）.

5.Inthecountriesthatthesourcesoffinancemainlyrelyonthe（Capitalmarketorequitymarket）,suchasUSandUK.Disclosureareextensivetomeettherequirementsofwidespreadpublicownership.

6.Inthecountriesthatthesourcesoffinancemainlyrelyonthe（banksorcreditsystem）,suchasJapanandSwitzerland.Inordertoprotectthecreditor,extensivepublicdisclosurearenotconsiderednecessary.

7.ThelegalsystemofWesternworldcanbeconsideredtwodifferenttypes,oneis（codelaworcivillaw）andtheotheris（commonlaworcaselaw）.

8.In（codelaworcivillaw）countries,lawsareanall-embracing.Accountingstandardsandproceduresareincorporatedintonationallaws.

9.Accountingstandardsettingnormallyinvolvesacombinationof（private）and（public）sectorgroups.The（private）sectorincludestheaccountingprofessionandothergroupsaffectedbythefinancialreportingprocess.The（public）sectorincludessuchagenciesastaxauthorities.ministriesresponsibleforcommerciallaw,andsecuritiescommissions.

10.Onekeydistinctioninfinancialreportingisweatheraccountingisorientedtoward（afairpresentation）offinancialpositionandresultsofoperationsortoward（compliancewithlegal）requirementsandtaxlaws.

11.AccountingintheUnitedStatesisregulatedbyaprivatesectorbody（theFinancialAccountingStandardsboard,orFASB）,butagovernmentalagency（theSecuritiesandExchangeCommission,orSEC）underpinstheauthorityofitsstandards.SEChaverighttosuperviseandrevisetothestandardfinally.

12.Theaccounting“（thetrueandfair）”viewappearinUnitedKingdom（companieslaw）（1948）first.

13.InFrance,largecompaniesmustalsopreparedocumentsrelatingto（thepreventionofbusinessbankruptcies）and（asocialreport）.

14.Thefollowingthreeexchangeratescanbeusedtotranslateforeigncurrencybalancestodomesticcurrency.theyare（currentrate.），（historicalrate）and（averagerate）

15.InFrance,Businessexpensesaredeductiblefortaxpurposeonlyiftheyare（fullybooked）andreflectedinannualfinancialstatements.

16.InFrance,CNCCisaprofessionalsocietycomposedofcertifiedpublicauditors.Administeredby（MinistryofJustice）.

17.AfeatureofFrenchaccountingisthedichotomybetween（individualcompany）financialstatementsandthoseforthe（consolidated）group.

18.Conservative（balancesheet）valuationsarecentralto（creditorprotection）.Thiscreatesatendencytoundervalue（低估）assetsandovervalueliabilities

19.（Certifiedpublicaccountants）inGermanyarecalledWPs.Or（enterpriseexaminers）.

20.InGerman,thesecond-tier（二级）bodyofauditorsisnamed（BookExaminers）,whoareonlyallowedtoauditsmallandmedium-sizedcompanies

21.TherearetwoclassificationauditorsinJapan.Oneengagedin（statutoryaudit）,theotherengagedin（independent）audit.

22.Oneoftheaccountingparadoxes（悖论）in（Netherlands）isthatitisacodelawcountrybutit’saccountingisorientedtowardfairpresentation.

23.TheDutchflexibilitytowardaccountingmeasurementsmaybemostevidentinpermittingtheuseof（currentvalue）fortangibleassetssuchasinventoryanddepreciableassets.

24.Themajoritycountriesintheworldusethedirectquote.except（U.K.orBritish）and（U.S.orAmerica）.

25.Therearetwoaccountingtreatmentsforforeigncurrencytransaction,oneis（single-transaction）perspectiveandtheotheris（two-transaction）perspective.

26.Ina（directquote）,theexchangeratespecifiesthenumberofdomesticcurrencyunitsneededtoacquireaunitofforeigncurrency.

27.Undera（deferral）method,translationgainsandlossesarelistedonthebalancesheet.Itisregardedasasingleitem”“Translationadjustment”,listatthepartof“owner’sequity”.

28.Under（Nodeferral）methodtranslationgainsandlossesarelistedontheincomestatement.Itisregardedas”“Translationgainsorlosses”,listafter“managementexpenses”.

29.Therearefourmethodscanbeusedinforeigncurrencytranslation.Theyare（currentrate）method,（current-noncurrent）method,（monetary-nonmonetary）methodand（temporal）method.

30.Use（current）ratetotranslatestatementitemsshouldnotgiverisetotranslationgainsorlosses,soitcanpreservestheoriginalcostequivalentofaforeigncurrencyiteminthereportingcurrency.

31.Exchangegainsandlossescanbedividedtwoparts:

（translation）gainsandlossesand（transaction）gainsandlosses.　

32.Under（currentrate）methodallforeignassetsandliabilitiestranslatedatthecurrentrate.Butexceptfortheitemsowner’sequity.

33.Under（currentrate）method,theconsolidatedstatementspreservetheoriginalfinancialstatementrelationshipssuchasfinancialratios.

34.（monetary-nonmonetary）methodviewsmonetaryassetsandliabilitiesexposedtoexchangeraterisk.

35.Under（temporal）method,foreigncurrencybalancesathistoricalcostaretranslatedathistoricalrates,andforeigncurrencybalancesatcurrentcostormarketvaluearetranslatedatthecurrentrate.

36.Asubsidiarycompanyperspectiverequiresthe（currentrate）translationmethodinordertopreserverelationshipexitingintheforeigncurrencystatements.

37.Generalpricelevelchangereferstoamovementinthepricesofallgoodsandservicesinaneconomyonaverage.Positivepricemovementistermed（inflation）.Negativepricemovementiscalled（deflation）.

38.Holdinggainreferstothe（increase）inthecurrentcostofanonmonetaryasset.

39.Anexcessiverateofinflationaswhenthegenerallevelofpricesinaneconomyincreasesbymorethan25percentperannumiscalled（hyperinflation）.

40.Inflationistheincreaseinthegenerallevelofpricesofall（goods）and（services）inaneconomy.

41.Accountingforthefinancialstatementeffectsofgeneralprice-levelchangesiscalledthe（Historicalcost-constantpurchasingpower）model.

42.GPLisacostratiothatcomparesthecostofabasketofgoodsinthecurrentperiodwiththecostofthatsamebasketina（baseorprior）period.

43.Purchasingpowergainorlossisthedifferencebetweenthenetmonetaryitemsmeasuredby（constantpurchasingpowercurrency）unitwiththenetmonetaryitemsmeasuredby（nominalcurrency）unit.

44.Undergeneralpricelevelaccounting,netincomeisthesumofthetwonumbers,oneisadjustedoperatingincome,theotheris（purchasingpowergainorloss）.

45.Currentcost-basednetincomeincludetwoparts,oneis（realizedincome,）theotheris（unrealizedholdinggains.）

46.Atpresent,primaryderivativefinancialinstrumentsmaybeclassifiedintofollowingcategories:

（futurescontract）,（optioncontract）,（forwardcontract）and（swapcontract）.

47.Therecognitionofderivativefinancialinstrumentscanbemainlydividedintothreephases:

（initialrecognition）,（subsequentrecognition）and（de-recognition）.

48.Accountingforthefinancialstatementeffectsofgeneralprice-levelchangesiscalledthe（historicalcost-constantpurchasingpower）model.Accountingforspecificpricechangesisreferredtoasthe（currentcost）model

49.Underthe（European）options,thebuyerwillmakeachoiceattheendoftime.Underthe（American）options,thebuyerwillmakeachoicebeforetheendoftime.

50.（ExercisePrice）meansthetradingpriceofaoptioncontractthatbothsidesagreement.（ExerciseValue）istheprofitgetbythebuyer.Itisaintrinsicvalueofaoption.

51.（Interestrateswap）meanstheexchangeofthedebtswhichusethesamecurrencyatdifferentinterestrate.

52.Thethreetypesofhedgingare:

（fairvaluehedging）,（cashflowhedging）andhedgingforafirm’snetinvestmentofoverseasoperating.

53.（Taxneutrality）meansthattaxeshavenoeffectonresourceallocationdecisions.Iftaxesinfluencetheallocationofresources,theresultwillprobablybelessthanoptimal.54.（Taxesequity）meansthattaxpayerswhoaresimilarlysituatedshouldpaythesametax

55.Thegovernmentofthehostcountrylevytaxesonthebenefitfrom（dividend）,（interest）and（royaltypayments）thatgainedbyforeigninvestoriscalled（withholdingtax）.

56.TheprinciplesontheincomefromaforeigncountryIncluding（territorial）principle,（person）principleand（world）principle.

57.Themethodofavoidanceofinternationaldoubletaxationusuallyconsistof（taxdeductions）,（taxcredit）,（taxexemption.）and（bilateraltaxtreaties）.

58.Therearetwobasictaxadministrationsystemsintheworld,oneis（classical）system,theotheris（integrated）system.

59.Thecountriesorareasthosewithfewnaturalresourcesofferpermanenttaxinducementsforabusiness.Theyarecalled（Taxhavens）.

60.（BilateralTaxtreaties）referstotheagreementsbetweencountriesontaxationofincomeandwithholdingtaxes

B.ChoosetheCorrectAnswerforEachItem