Under the equity method, a stock purchase is recorded at its original cost and is not adjusted to fair market value each accounting period.()此题为判断题(对，错)。

题目
Under the equity method, a stock purchase is recorded at its original cost and is not adjusted to fair market value each accounting period.()

此题为判断题(对，错)。

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更多“Under the equity method, a stock purchase is recorded at its original cost and is not adjusted to fair market value each accounting period.() 此题为判断题(对，错)。”相关问题

  • 第1题：

    Under the cash basis for the accounting period concept, revenues and expenses are reported in the income statement in the period in which cash is received or paid.()

    此题为判断题(对，错)。


    正确答案:正确

  • 第2题：

    The prices of bonds are quoted as a percentage of the bonds' market value.()

    此题为判断题(对，错)。


    正确答案:错误

  • 第3题：

    The method of accounting for investments in equity securities in which the investor records its share of periodic net income of the investee is the ( )

    A、cost method

    B、market method

    C、income method

    D、equity method


    正确答案:D

  • 第4题：

    (b) Assuming that the cost of equity and cost of debt do not alter, estimate the effect of the share repurchase on the company’s cost of capital and value. (5 marks)


    正确答案：

    (b) Estimated new cost of capital:
    If equity is repurchased such that the gearing becomes 50% equity, 50% debt, the new estimated weighted average cost of capital is:

  • 第5题：

    6 Discuss how developments in each of the following areas has affected the scope of the audit and the audit work

    undertaken:

    (a) fair value accounting; (6 marks)


    正确答案：
    6 DEVELOPMENTS
    General comments
    Tutorial note: The following comments, that could be made in respect of any of the three areas of development, will be given
    credit only once.
    ■ Audit scope – the scope of a statutory audit should be as necessary to form. an audit opinion (i.e. unlimited).
    ■ Audit work undertaken – the nature, timing and extent of audit procedures should be as necessary to implement the overall
    audit plan.
    (a) Fair value accounting
    ■ Different definitions of fair value exist (among financial reporting frameworks or for different assets and liabilities within
    a particular framework). For example, under IFRS it is ‘the amount for which an asset could be exchanged (or a liability
    settled) between knowledgeable, willing parties in an arm’s length transaction’.
    ■ The term ‘fair value accounting’ is used to describe the measurement and disclosure of assets and/or liabilities at fair
    value and the charging to profit and loss (or directly to equity) of any changes in fair value measurements.
    ■ Fair value accounting concerns measurements and disclosures but not initial recognition of assets and liabilities in
    financial statements. It does not then, for example, affect the nature, timing and extent of audit procedures to confirm
    the existence and completeness of rights and obligations.
    ■ Fair value may be determined with varying degrees of subjectivity. For example, there will be little (if any) subjectivity
    for assets bought and sold in active and open markets that readily provide reliable information on the prices at which
    exchange transactions occur. However, the valuation of assets with unique characteristics (or entity-specific assets) often
    requires the projection and discounting of future cash flows.
    ■ The audit of estimates of fair values based on valuation models/techniques can be approached like other accounting
    estimates (in accordance with ISA 540 ‘Audit of Accounting Estimates’). However, although the auditor should be able
    to review and test the process used by management to develop the estimate, there may be:
    ? a much greater need for an independent estimate (and hence greater reliance on the work of experts in accordance
    with ISA 620);
    ? no suitable subsequent events to confirm the estimate made (e.g. for assets that are held for use and not for
    trading).
    Tutorial note: Consider, for example, how the audit of ‘in-process research and development’ might compare with that
    for an allowance for slow-moving inventory.
    ■ Different financial reporting frameworks require or permit a variety of fair value measures and disclosures in financial
    statements. They also vary in the level of guidance provided (to preparers of the financial statements – and hence their
    auditors). Under IFRS, certain fair values are based on management intent and ‘reasonable supportable assumptions’.
    ■ The audit of management intent potentially increases the auditor’s reliance on management representations. The auditor
    must obtain such representations from the highest level of management and exercise an appropriate degree of
    professional scepticism, being particularly alert to the implications of any conflicting evidence.
    ■ A significant development in international financial reporting is that it is no longer sufficient to report transactions and
    past and future events that may only be possible. IAS 1 ‘Presentation of Financial Statements’ (Revised) requires that
    key assumptions (and other key sources of estimation uncertainty) be disclosed. This requirement gives rise to yet
    another area on which auditors may qualify their audit opinion, on grounds of disagreement, where such disclosure is
    incorrect or inadequate.
    ■ Perhaps one of the most significant impacts of fair value accounting on audit work is that it necessarily increases it.
    Consider for example, that even where the fair value of an asset is as easily vouched as original cost, fair value is
    determined at least annually whereas historic cost is unchanged (and not re-vouched to original purchase
    documentation).

  • 第6题：

    Tuseday is the first day of trading on the American stock market since the attracks September Eleventh.()

    此题为判断题(对，错)。


    正确答案：错误

  • 第7题：

    When the stock market turns down, holders of common stocks traditionally begin to move some portion of their (61) out of stocks and into (62) to protect themselves against further declines in the market, PI programs attempt to hedge against the possibility of a market decline by (63) stock index futures contracts or stock index options (buying stock index put options). The more the market falls, the more futures and options contracts are sold by PI programs. If the market continues to fall, the rise in the value of the portfolio' futures and option positions cushions the decline in the value of the portfolio' common stocks. PI managers believe that such hedging programs using futures and options involve lower transaction costs and provide greater (64) than the traditional method of actually selling stocks and buying treasury (65)

    (46)

    A．treasure

    B．assets

    C．investment

    D．capital


    正确答案：B
    解析：资产应该用assets来表示，所以选B。treasure财富。investment投资。capital资本，资金。

  • 第8题：

    Morrris, an attorney, performs 5 hours of legal work for Andy. Morrris 's normal billing rate is $120 per hour. Andy, a software consultant, gives Morrris a new computer for his office in payment of the bill. The computer's adjusted basis was $500 and its fair market value is $550. Morrris ' basis in the computer is ().

    A.$0

    B.$500

    C.$550

    D.$600

    E.$1,150


    答案：B

  • 第9题：

    Any difference between the fair market values of the securities and their cost is a realized gain or loss.()


    正确答案：错

  • 第10题：

    The earned value technique is a commonlyused method of performance measurement． It integrates project scope, cost, andschedule measures to help the project management team assess projectperformance．If a project’s Schedule Performance Index（SPI=EV/PV） value less than 1.0, itmeans that （74）．

    A.the project is ahead of its planned schedule

    B.less work was completed than was planned

    C.the cost overrun for work completed

    D.the cost under-run of performance to date


    正确答案：B
    此题主要考查挣值分析法的相关概念，它综合了范围、时间和成本数据，主要用于实际成本的绩效测量。基本思想是通过测量和计算已完成工作的预算费用与已完成工作的实际费用，将其与计划工作预算费用相比较得到项目的费用偏差，从而达到判断项目成本和进度计划执行情况，来帮助项目管理团队分析项目的完成情况，衡量项目的成本效率，为成本控制提供依据。挣值分析法主要涉及到3个参数，4个指标。其中3个参数如下：?计划工作量的预算成本（PV），已完成工作量的预算成本（EV），已完成工作量的实际成本（AC）?4个指标是指CV，SV，CPI，SPI：进度偏差（SV）是项目进度绩效的一种指标。成本偏差（CV）是项目成本绩效的一种指标。进度绩效指数（SPI）是比较项目已完成进度与计划进度的一种指标。当SPI小于1.0时，说明已完成的工作量未达到计划要求；当SPI大于1．0时，则说明已完成的工作量超过计划。SPI等于EV与PV的比值。公式：SPI=EV/PV。成本绩效指数（CPI）是比较已完成工作的价值与实际成本的一种指标。它考核已完成工作的成本效率。当CPI小于1.0时，说明已完成工作的成本超支；当CPI大于1.0时，则说明到目前为止成本有结余。CPI等于EV与AC的比值。公式：CPI=EV/AC。

  • 第11题：

    The earned value technique is a commonly used method of performance measurement. It integrates project scope, cost, and schedule measures to help the project management team assess project performance. If a project’s Schedule Performance Index（SPI=EV/PV） value less than1.0, it means that_（）.

    A.the project is a head of its planned schedule
    B.less work was completed than was planned
    C.the cost overrun for work completed
    D.the cost under-run of performance to date

    答案：B
    解析：
    挣值技术是一种综合了范围、成本、进度指标的绩效测量方法，帮助项目团队评价项目绩效。如果一个项目的进度绩效指数SPI值小于1，意味着：（74）A．项目滞后B．项目超前C．项目超支D．成本有结余

  • 第12题：

    单选题
    At the beginning of the day, the prices of stocks X and Y are the same. At the end of the day, the price of stock X has increased by 1/20 of its original price and the price of stock Y has decreased by 1/20 of its original price. The new price of stock X is what fraction of the new price of stock Y?
    A

    2/20

    B

    19/21

    C

    21/19

    D

    18/20

    E

    20/18


    正确答案： B
    解析：
    Plugging in. Suppose the prices of stocks X and Y were each $100 at the beginning of the day. Then：The new price of stock X is $105. The new price of stock Y is $95. stock X/stock Y =l05/95= 21/19.

  • 第13题：

    The accrual basis of accounting requires revenue be recorded when cash is received from customers.()

    此题为判断题(对，错)。


    正确答案:错误

  • 第14题：

    The cost method of accounting for stock( )

    A、recognizes dividends as income

    B、is only appropriate as part of a consolidation

    C、requires the investment be increased by the reported net income of the investee

    D、requires the investment be decreased by the reported net income of the investee


    正确答案:A

  • 第15题：

    16 Which of the following events between the balance sheet date and the date the financial statements are

    authorised for issue must be adjusted in the financial statements?

    1 Declaration of equity dividends.

    2 Decline in market value of investments.

    3 The announcement of changes in tax rates.

    4 The announcement of a major restructuring.

    A 1

    A 1 only

    B 2 and 4

    C 3 only

    D None of them


    正确答案：D

  • 第16题：

    5 Financial statements have seen an increasing move towards the use of fair values in accounting. Advocates of ‘fair

    value accounting’ believe that fair value is the most relevant measure for financial reporting whilst others believe that

    historical cost provides a more useful measure.

    Issues have been raised over the reliability and measurement of fair values, and over the nature of the current level

    of disclosure in financial statements in this area.

    Required:

    (a) Discuss the problems associated with the reliability and measurement of fair values and the nature of any

    additional disclosures which may be required if fair value accounting is to be used exclusively in corporate

    reporting. (13 marks)


    正确答案：
    (a) Reliability and Measurement
    Fair value can be defined as the price that would be received to sell an asset or paid to transfer a liability. The fair value can
    be thought of as an ‘exit price’. A fair value measurement assumes that the transaction to sell the asset or transfer the liability
    occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market
    for the asset or liability which is the market in which the reporting entity would sell the asset or transfer the liability with the
    price that maximises the amount that would be received or minimises the amount that would be paid. IAS39 ‘Financial
    Instruments: Recognition and Measurement’ requires an entity to use the most advantageous active market in measuring the
    fair value of a financial asset or liability when multiple markets exist whereas IAS41 ‘Agriculture’ requires an entity to use the
    most relevant market. Thus there can be different approaches for estimating exit prices. Additionally valuation techniques and
    current replacement cost could be used.
    A hierarchy of fair value measurements would have to be developed in order to convey information about the nature of the
    information used in creating the fair values. For example quoted prices (unadjusted) in active markets would provide better
    quality information than quoted prices for similar assets and liabilities in active markets which would provide better quality
    information than prices which reflect the reporting entity’s own thinking about the assumptions that market participants would
    use in pricing the asset or liability. Enron made extensive use of what it called ‘mark-to-market’ accounting which was based
    on valuation techniques and estimates. IFRSs currently do not have a single hierarchy that applies to all fair value measures.
    Instead individual standards indicate preferences for certain inputs and measures of fair value over others, but this guidance
    is not consistent among all IFRSs.
    Some companies, in order to effectively manage their businesses, have already developed models for determining fair values.
    Businesses manage their operations by managing risks. A risk management process often requires measurement of fair values
    of contracts, financial instruments, and risk positions.
    If markets were liquid and transparent for all assets and liabilities, fair value accounting clearly would give reliable information
    which is useful in the decision making process. However, because many assets and liabilities do not have an active market,
    the inputs and methods for estimating their fair value are more subjective and, therefore, the valuations are less reliable. Fair
    value estimates can vary greatly, depending on the valuation inputs and methodology used. Where management uses
    significant judgment in selecting market inputs when market prices are not available, reliability will continue to be an issue.
    Management can use significant judgment in the valuation process. Management bias, whether intentional or unintentional,
    may result in inappropriate fair value measurements and consequently misstatements of earnings and equity capital. Without
    reliable fair value estimates, the potential for misstatements in financial statements prepared using fair value measurements
    will be even greater.
    Consideration must be given to revenue recognition issues in a fair value system. It must be ensured that unearned revenue
    is not recognised early as it recently was by certain high-tech companies.
    As the variety and complexity of financial instruments increases, so does the need for independent verification of fair value
    estimates. However, verification of valuations that are not based on observable market prices is very challenging. Users of
    financial statements will need to place greater emphasis on understanding how assets and liabilities are measured and how
    reliable these valuations are when making decisions based on them.
    Disclosure
    Fair values reflect point estimates and do not result in transparent financial statements. Additional disclosures are necessary
    to bring meaning to these fair value estimates. These disclosures might include key drivers affecting valuations, fair-valuerange
    estimates, and confidence levels. Another important disclosure consideration relates to changes in fair value amounts.
    For example, changes in fair values on securities can arise from movements in interest rates, foreign-currency rates, and credit
    quality, as well as purchases and sales from the portfolio. For users to understand fair value estimates, they must be given
    adequate disclosures about what factors caused the changes in fair value. It could be argued that the costs involved in
    determining fair values may exceed the benefits derived therefrom. When considering how fair value information should be
    presented in the financial statements, it is important to consider what type of financial information investors want. There are
    indications that some investors desire both fair value information and historical cost information. One of the issues affecting
    the credibility of fair value disclosures currently is that a number of companies include ‘health warnings’ with their disclosures
    indicating that the information is not used by management. This language may contribute to users believing that the fair value
    disclosures lack credibility.

  • 第17题：

    The earned value technique is a commonly used method of performance measurement．It integrates project scope，schedule，and cost measures to help the project management team assess project performance．If a project’s Cost Performance Index(CPI＝EV/AC)value less than 1．0，it means that（ ）。 A．the cost savings for work completed B．the project is ahead of its planned schedule C．the cost overrun for work completed D．1ess work was completed than was planned


    正确答案：C
    挣值管理(EVM)是一种常用的绩效测量方法。它综合考虑项目范围、进度与成本指标，帮助项目管理团队评估项目绩效。如果某个项目的成本绩效指数(CPI＝EV/AC)值小于1．0，则说明已完成的工作的成本超支(the cost overrun for work completed)。

  • 第18题：

    Because there is a large number of active users on WeChat／Weixin, this is a great opportunity for Auckland to raise its profile and promote its tourism offerings to the Chinese market.()

    此题为判断题(对，错)。


    参考答案：对

  • 第19题：

    None of the following statements is true except ______.

    A．initial public offerings will dilute each shareholder's existing holding

    B．additional floats of companies stock will dilute each shareholder's existing holding

    C．compared with additional floats, initial public offerings are more common in the new issues market for equities

    D．initial public offerings usually involve offerings of shares of larger, more mature companies seeking additional equity capital


    正确答案：B
    解析：文章第二段提到初次发行分两类，initial public offerings(首期公开发行)和增发公司股票，增发新股会“稀释”每一个股东现有的持股量，而这种在新发股票市场上更为普遍，因为它们涉及的是成熟的大公司为增加股本金而发行的股票。

  • 第20题：

    The two s of accounting for investments in stock are ().

    A.the cost

    B.straight-line

    C.liability

    D.interest

    E.equity


    正确答案：AE

  • 第21题：

    Ordinarily, a corporation owning a significant portion of the voting stock of another corporation accounts for the investment using the equity method.()


    正确答案：对

  • 第22题：

    KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:

    NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.

    The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.

    The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.

    Required:

    (a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis. (10 marks)

    (b) Calculate the total value of the target company, NGN, using the following valuation methods:

    (i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and

    (ii) Dividend growth model. (6 marks)

    (c) Discuss the relationship between capital structure and weighted average cost of capital, and comment on

    the suggestion that debt could be used to finance a cash offer for NGN. (9 marks)


    正确答案：
    (b)(i)Price/earningsratiomethodEarningspershareofNGN=80cpersharePrice/earningsratioofKFPCo=8SharepriceofNGN=80x8=640cor$6·40NumberofordinarysharesofNGN=5/0·5=10millionsharesValueofNGN=6·40x10m=$64millionHowever,itcanbearguedthatareductionintheappliedprice/earningsratioisneededasNGNisunlistedandthereforeitssharesaremoredifficulttobuyandsellthanthoseofalistedcompanysuchasKFPCo.Ifwereducetheappliedprice/earningsratioby10%(othersimilarpercentagereductionswouldbeacceptable),itbecomes7·2timesandthevalueofNGNwouldbe(80/100)x7·2x10m=$57·6million(ii)DividendgrowthmodelDividendpershareofNGN=80cx0·45=36cpershareSincethepayoutratiohasbeenmaintainedforseveralyears,recentearningsgrowthisthesameasrecentdividendgrowth,i.e.4·5%.Assumingthatthisdividendgrowthcontinuesinthefuture,thefuturedividendgrowthratewillbe4·5%.Sharepricefromdividendgrowthmodel=(36x1·045)/(0·12–0·045)=502cor$5·02ValueofNGN=5·02x10m=$50·2million(c)Adiscussionofcapitalstructurecouldstartfromrecognisingthatequityismoreexpensivethandebtbecauseoftherelativeriskofthetwosourcesoffinance.Equityisriskierthandebtandsoequityismoreexpensivethandebt.Thisdoesnotdependonthetaxefficiencyofdebt,sincewecanassumethatnotaxesexist.Wecanalsoassumethatasacompanygearsup,itreplacesequitywithdebt.Thismeansthatthecompany’scapitalbaseremainsconstantanditsweightedaveragecostofcapital(WACC)isnotaffectedbyincreasinginvestment.Thetraditionalviewofcapitalstructureassumesanon-linearrelationshipbetweenthecostofequityandfinancialrisk.Asacompanygearsup,thereisinitiallyverylittleincreaseinthecostofequityandtheWACCdecreasesbecausethecostofdebtislessthanthecostofequity.Apointisreached,however,wherethecostofequityrisesataratethatexceedsthereductioneffectofcheaperdebtandtheWACCstartstoincrease.Inthetraditionalview,therefore,aminimumWACCexistsand,asaresult,amaximumvalueofthecompanyarises.ModiglianiandMillerassumedaperfectcapitalmarketandalinearrelationshipbetweenthecostofequityandfinancialrisk.Theyarguedthat,asacompanygearedup,thecostofequityincreasedataratethatexactlycancelledoutthereductioneffectofcheaperdebt.WACCwasthereforeconstantatalllevelsofgearingandnooptimalcapitalstructure,wherethevalueofthecompanywasatamaximum,couldbefound.Itwasarguedthattheno-taxassumptionmadebyModiglianiandMillerwasunrealistic,sinceintherealworldinterestpaymentswereanallowableexpenseincalculatingtaxableprofitandsotheeffectivecostofdebtwasreducedbyitstaxefficiency.Theyrevisedtheirmodeltoincludethistaxeffectandshowedthat,asaresult,theWACCdecreasedinalinearfashionasacompanygearedup.Thevalueofthecompanyincreasedbythevalueofthe‘taxshield’andanoptimalcapitalstructurewouldresultbygearingupasmuchaspossible.Itwaspointedoutthatmarketimperfectionsassociatedwithhighlevelsofgearing,suchasbankruptcyriskandagencycosts,wouldlimittheextenttowhichacompanycouldgearup.Inpractice,therefore,itappearsthatcompaniescanreducetheirWACCbyincreasinggearing,whileavoidingthefinancialdistressthatcanariseathighlevelsofgearing.Ithasfurtherbeensuggestedthatcompanieschoosethesourceoffinancewhich,foronereasonoranother,iseasiestforthemtoaccess(peckingordertheory).Thisresultsinaninitialpreferenceforretainedearnings,followedbyapreferencefordebtbeforeturningtoequity.TheviewsuggeststhatcompaniesmaynotinpracticeseektominimisetheirWACC(andconsequentlymaximisecompanyvalueandshareholderwealth).TurningtothesuggestionthatdebtcouldbeusedtofinanceacashbidforNGN,thecurrentandpostacquisitioncapitalstructuresandtheirrelativegearinglevelsshouldbeconsidered,aswellastheamountofdebtfinancethatwouldbeneeded.Earliercalculationssuggestthatatleast$58mwouldbeneeded,ignoringanypremiumpaidtopersuadetargetcompanyshareholderstoselltheirshares.Thecurrentdebt/equityratioofKFPCois60%(15m/25m).Thedebtofthecompanywouldincreaseby$58minordertofinancethebidandbyafurther$20maftertheacquisition,duetotakingontheexistingdebtofNGN,givingatotalof$93m.Ignoringotherfactors,thegearingwouldincreaseto372%(93m/25m).KFPCowouldneedtoconsiderhowitcouldservicethisdangerouslyhighlevelofgearinganddealwiththesignificantriskofbankruptcythatitmightcreate.ItwouldalsoneedtoconsiderwhetherthebenefitsarisingfromtheacquisitionofNGNwouldcompensateforthesignificantincreaseinfinancialriskandbankruptcyriskresultingfromusingdebtfinance.

  • 第23题：

    问答题
    Practice 3　　Equity securities are known as shares (or stock) in a corporation. Stockholders are considered owners of the corporation. The Articles of Incorporation must state the number of shares and the characteristics of the stock. To issue stock is actually to offer shares of stock for sale. The corporation’s Board of Directors controls when and to whom the corporation’s shares are offered and sold.　　Outstanding shares—Outstanding shares are shares already issued and purchased by the shareholder or stockholder.　　Par value—Par value is an arbitrary value assigned to each share in the Articles of Incorporation but does not necessarily reflect the true market value of the stock. Shares may not be issued and sold by the corporation for less than their par value therefore it is sometimes advisable not to state any par value at all or state a par value lower than the estimated market price. No par value allows the Board of Directors to decide each time shares are issued what the price per share will be. In a very large corporation where the stock is publicly traded at a public exchange, such as the New York Stock Exchange, the public demand for the stock of the corporation rather than the Board of Directors determines the selling price of the stock.　　Capital account—The capital account of a corporation is an entry in the books of the corporation and is determined by multiplying the par or stated value of the corporation’s stock by the number of shares outstanding. For example, if the corporation had sold 1,000 shares of stock which had $10 par value, the capital account would be $10,000.

    正确答案：
    【参考译文】
    股票是指公司发行的股份。股东是公司的所有者。公司条例必须说明公司股份的数量及其特征。发行股票实际上是出售公司的股份。公司董事会决定何时以及向何种人发售股票。
    流动股——指已发行的,股东已购买的股票。
    票面价值——指根据公司条例而赋予每股股票的价值。但它并不一定反映股票真正的市场价值。股票不能以低于票面价值发行和出售,因此有时不规定票面价值或所规定的票面价值低于估计的市场价值是非常明智的。在没有规定票面价值时,公司董事会得以在每次发行股票时决定每股的价格。某大公司的股票在大型公共交易所(如纽约证券交易所)进行公开交易时,公众对公司股票的需求而不是公司董事会决定该公司股票的交易价格。
    资本性账户——指公司登记在册的资本,它等于流动股的数量与票面价值或是规定价值的乘积。比如说,某公司发行了1000股,每股票面价值为10美元,它的资本账户则是1万美元。
    解析： 暂无解析

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