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 d
题目
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.)
相似考题
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 d”相关问题
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第1题：
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．1992
B．1993
C．1994
D．1995
正确答案：C
解析：录音原文提到China has maintained a unified managed floating exchange rate since January 1994，中国从1994年1月开始实行单一的有管理的浮动汇率制。 -
第2题：
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．develop
B．improve
C．change
D．conduct
正确答案：B
解析：improve改善，改进。improve foreign exchange administration完善外汇管理。develop发展，发扬，进步。change改变，变革。conduct引导，管理。 -
第3题：
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.
正确答案：A
解析：单句意思为“银行外汇部必须随时监测各种货币的头寸”。 -
第4题：
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.
正确答案：C
解析：单句意思为“在外汇交易中，远期交易就是购入一定量的外币准备在未来某一日期交付和结算。” -
第5题：
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 account
B．a nostro account
C．a mirror account
D．a record account
正确答案：B
解析：句意：从一个中国的银行的角度而言，往账是我行在海外行开户并持有的账户，该账户用外币记账。来帐是海外行在我行开户，用人民币记账。denominated in foreign currency用外币计价。vostro account来帐。nostro account往帐。mirror account镜子账户(指银行必须对自己的往账保持记录，目的在于收到对方银行的对账单时可以进行核对)。 -
第6题：
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.
正确答案：C
解析：单句意思为“外汇市场和其他金融市场运行很相似，但是和股票市场不同的是，它没有特定的交易场所。” -
第7题：
When a country runs a foreign trade deficit under a flexible foreign exchange rate system, its ______.
A．imports automatically increase
B．currency automatically depreciates
C．exports automatically decline
D．currency automatically appreciates
正确答案：B
解析：句意：在浮动汇率制度下，一国对外贸易处于逆差状态时，其货币会自动贬值。A、C、D选项都不符合。 -
第8题：
Maritime Declaration of Health is generally prepared by the Master ______．
A.when his vessel is arriving at a foreign port
B.when his vessel is leaving a foreign port
C.after his vessel has left a foreign port
D.after his vessel has arrived at a port
正确答案：A
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第9题：
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答案：B解析： -
第10题：
You should convert RMB into foreign currency before you go abroad.A:alter
B:change
C:buy
D:sell答案：B解析：convert：转变。题干意思为：出国之前你应该把人民币换成外币。alter：改变，更改；change：兑换，改变；buy：买；sell：卖。经过分析，选择B。 -
第11题：
单选题That radio company is so big that it has a lot of（）in foreign countries.Aintroducers
Binstructors
Cconductors
Dagents
正确答案： D解析： 暂无解析 -
第12题：
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?AA foreign competitor has received a subsidy from a foreign government.
BA foreign competitor has substantially increased the volume of products shipped to the United States.
CA foreign competitor selling products in the United States at less than fair market value.
DThe company requesting import relief has been injured by the sale of imports in the United States.
正确答案： B解析：
从文章第一段第二句可知A项是抱怨的其中一个根据，第三句可知C也是其中一个原因，文章第二段集中说明国内公司申请法律保护却受到进口的严重影响，这是抱怨的最终给要得原因，所以D正确，而文章并没有提到大量提高进口产品的数量。 -
第13题：
In London, a premium on a foreign exchange rate means ______.
A．the foreign currency is dearer
B．the foreign currency is cheaper
C．the foreign currency is less valuable
D．it has no relevance at all
正确答案：A
解析：外汇升水(premium)意味着外汇更贵，外币升值。discount贴水。foreign exchange rate汇率。foreign currency外币。 -
第14题：
－ 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.
参考答案：B
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第15题：
The term foreign exchange is best defined by the following statement: it is ______.
A．the rate of exchange between two currencies
B．synonymous with currency exchange
C．the place in which foreign currencies are exchanged
D．an instrument such as paper currency, note, and check used to make payments between countries
正确答案：D
解析：外汇通常指以外国货币表示的可用于国际结算的各种支付手段，包括纸币、支票、票据等。the rate of exchange between two currencies两国货币的汇率。synonymous with currency exchange与货币兑换率含义相同。 -
第16题：
A major problem with a fixed exchange rate system is that when countries run foreign trade deficits, ______.
A．there is no self-correcting mechanism
B．currency values become unstable
C．the value of the reserve currency declines
D．world inflation increases
正确答案：A
解析：句意：固定汇率制一个重大弊病在于一国对外贸易出现赤字时，不能自我调节。fixed exchange rate system固定汇率制。 -
第17题：
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.
正确答案：B
解析：单句意思为“典型的外汇交易包括在即期或现货市场以一国货币换取另一国货币，或远 期交易”。 -
第18题：
The price in the foreign exchange market is called ______.
A．the trade surplus
B．the exchange rate
C．the money price
D．the currency rate
正确答案：B
解析：汇率又译为“汇价”，“外汇行市”，一般用于外汇市场两种不同货币之间的比价。trade surplus贸易顺差，C、D说法很少见。 -
第19题：
Foreign exchange is convertible currency but foreign to the holder.
A．Right
B．Wrong
C．Doesn't say
正确答案：A
解析：文中一开始就说出Foreign exchange is by definition foreign to the holder...，接着第三句指出Foreign exchange markets...that convert issues of foreign money for local units. -
第20题：
______ 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答案：B解析：本题考查倒装句
B选项，句意：正如报界所宣传的那样，我国已发起大规模反走私和反欺诈性外币交易的运动。as在这里是一个代词，常用在类似as is well known这样的句子中，意为“这一点”。
A，选项，与题干意义不符，故排除。
C，选项，与题干意义不符，故排除。
D，选项，与题干意义不符，故排除。
故正确答案为B选项。 -
第21题：
Foreign money can be converted into the local currency at this bank.A: altered
B: changed
C: bought
D: sold答案：B解析：句意：在这家银行，外币可以兑换成当地货币。convert意为“转换，兑换”。意思同change。故选项B为最佳答案。 -
第22题：
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 bank
- B、The advising bank
- C、The confirming bank
- D、The negotiating bank
正确答案:B -
第23题：
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.正确答案： 【参考范文】
To: All the staff
From: Lucy Smith, Assistant to MD
Date: 20 July 2008
Subject: Company’s Name Change
To explore a foreign market, our company has made a decision to change its name from LGD to LNO to suit that foreign market. This name will be officially used on 26 July 2008. Please notice that only the new name should be used from that time on.解析： 暂无解析