国际财务管理10e_课后习题答案_Ch11
Chapter 11
Managing Transaction Exposure
Lecture Outline
Hedging Payables
Forward or Futures Hedge
Money Market Hedge
Call Option Hedge
Summary of Techniques Used to Hedge Payables Optimal Technique for Hedging Payables
Optimal Hedge Versus No Hedge
Evaluating the Hedge Decision
Hedging Receivables
Forward or Futures Hedge
Money Market Hedge
Put Option Hedge
Optimal Technique for Hedging Receivables
Optimal Hedge Versus No Hedge
Evaluating the Hedge Decision
Comparison of Hedging Techniques
Hedging Policies of MNCs
Limitations of Hedging
Limitation of Hedging an Uncertain Amount
Limitation of Repeated Short-term Hedging Hedging Long-Term Transaction Exposure Long-Term Forward Contract
Loan
Parallel
Alternative Hedging Techniques
Leading and Lagging
Cross-Hedging
Diversification
Currency
2 Managing Transaction Exposure
Chapter Theme
A primary objective of the chapter is to provide an overview of hedging techniques. Yet, transaction exposure cannot always be hedged in all cases. Even when it can be hedged, the firm must decide whether a hedge is feasible. While a firm will only know for sure whether hedging is worthwhile after the period of concern, it can incorporate its expectations about future exchange rates, future inflows and outflows, as well as its degree of risk aversion to make hedging decisions.
Topics to Stimulate Class Discussion
1. Is transaction exposure relevant?
2. Why should a firm bother identifying net transaction exposure?
3. Should management of transaction exposure be conducted at the subsidiary level or at the centralized
level? Why?
4. Assume that you decided to hedge future payables of 1 million Swiss francs using the forward hedge.
Go through the specific steps required for you to use the forward hedge of 1 million francs.
5. Assume that you decided to hedge future receivables of 1 million Canadian dollars using currency
options. Go through the specific steps required for you to use currency options to hedge this position. POINT/COUNTER-POINT:
Should an MNC Risk Overhedging?
POINT: Yes. MNCs have some “unanticipated” transactions that occur without any advance notice. They should attempt to forecast the net cash flows in each currency due to unanticipated transactions based on the previous net cash flows for that currency in a previous period. Even though it would be impossible to forecast the volume of these unanticipated transactions per day, it may be possible to forecast the volume on a monthly basis. For example, if an MNC has net cash flows between 3,000,000 and 4,000,000 Philippine pesos every month, it may presume that it will receive at least 3,000,000 pesos in each of the next few months unless conditions change. Thus, it can hedge a position of 3,000,0000 in pesos by selling that amount of pesos forward or buying put options on that amount of pesos. Any amount of net cash flows beyond 3,000,000 pesos will not be hedged, but at least the MNC was able to hedge the minimum expected net cash flows.
COUNTER-POINT: No. MNCs should not hedge unanticipated transactions. When they overhedge the expected net cash flows in a foreign currency, they are still exposed to exchange rate risk. If they sell more currency as a result of forward contracts than their net cash flows, they will be adversely affected by an increase in the value of the currency. Their initial reasons for hedging were to protect against the weakness of the currency, but the overhedging described here would cause a shift in their exposure. Overhedging does not insulate an MNC against exchange rate risk. It just changes the means by which the MNC is exposed.
WHO IS CORRECT?Use the Internet to learn more about this issue. Offer your own opinion on this issue.
Managing Transaction Exposure 3 ANSWER: If the MNC is confident that it will receive net cash flows in a currency that will likely depreciate, it should hedge at least the minimum amount of cash flows to be received. If it overhedges, and the currency’s spot rate declines below the forward rate that was negotiated at the time of the hedge, the MNC may even benefit from the overhedged position. The MNC should try to avoid overhedging the net cash flows of a currency that it would expect to strengthen. It may be better off by hedging a smaller amount or not hedging at all.
Answers to End of Chapter Questions
1. Hedging in General. Explain the relationship between this chapter on hedging and the
previous chapter on measuring exposure.
ANSWER: The previous chapter explains how to measure exposure, which is necessary before an MNC decides whether to hedge its exposure.
2. Money Market Hedge on Receivables. Assume that Stevens Point Co. has net receivables of
100,000 Singapore dollars in 90 days. The spot rate of the S$ is $.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise.
ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.
3. Money Market Hedge on Payables. Assume that Vermont Co. has net payables of 200,000 Mexican
pesos in 180 days. The Mexican interest rate is 7% over 180 days, and the spot rate of the Mexican peso is $.10. Suggest how the U.S. firm could implement a money market hedge. Be precise.
ANSWER: If the firm deposited MXP186,916 (computed as MXP200,000/1.07) into a Mexican bank earning 7% over 6 months, the deposit would be worth 200,000 pesos at the end of the
six-month period. This amount would then be used to take care of the net payables. To make the initial deposit of 186,916 pesos, the firm would need about $18,692 (computed as 186,916 × $.10). It could borrow these funds.
4. Net Transaction Exposure. Why should an MNC identify net exposure before hedging?
ANSWER: An MNC can reduce the amount of cash flow that it needs to hedge when identifying net exposure first. This can reduce the transaction costs associated with hedging.
5.Hedging with Futures. Explain how a U.S. corporation could hedge net receivables in euros with
futures contracts. Explain how a U.S. corporation could hedge net payables in Japanese yen with futures contracts.
ANSWER: The U.S. corporation could agree to a futures contract to sell euros at a specified date in the future and at a specified price. This locks in the exchange rate at which the euros could be sold.
The U.S. corporation could purchase yen futures contracts that provide for yen to be received in exchange for dollars at a specified future date and at a specified price. The firm has locked in the rate at which it will exchange dollars for yen.
4 Managing Transaction Exposure
6. Hedging with Forward Contracts. Explain how a U.S. corporation could hedge net receivables in
Malaysian ringgit with a forward contract.
Explain how a U.S. corporation could hedge payables in Canadian dollars with a forward contract.
ANSWER: The U.S. corporation could sell ringgit forward using a forward contract. This is
accomplished by negotiating with a bank to provide the bank ringgit in exchange for dollars at a specified exchange rate (the forward rate) for a specified future date.
The U.S. corporation could purchase Canadian dollars forward using a forward contract. This is accomplished by negotiating with a bank to provide the bank U.S. dollars in exchange for Canadian dollars at a specified exchange rate (the forward rate) for a specified future date.
7. Real Cost of Hedging Payables. Assume that Loras Corp. imported goods from New Zealand and
needs 100,000 New Zealand dollars 180 days from now. It is trying to determine whether to hedge this position. Loras has developed the following probability distribution for the New Zealand dollar: Possible Value of
New Zealand Dollar in 180 Days Probability
$.40 5%
.45 10%
.48 30%
.50 30%
.53 20%
.55 5%
The 180-day forward rate of the New Zealand dollar is $.52. The spot rate of the New Zealand dollar is $.49. Develop a table showing a feasibility analysis for hedging. That is, determine the possible differences between the costs of hedging versus no hedging. What is the probability that hedging will be more costly to the firm than not hedging? Determine the expected value of the additional cost of hedging.
ANSWER:
Possible Spot Rate
of New Zealand
Dollar Probability Nominal Cost of
Hedging 100,000
NZ$
Amount of U.S.
Dollars Needed to
Buy 100,000 NZ$ if
Firm Remains
Unhedged
Real Cost of
Hedging
$.40 5%
$52,000$40,000$12,000 $.45 10%
$52,000$45,000$7,000 $.48 30%
$52,000$48,000$4,000 $.50 30% $52,000$50,000 $2,000 $.53 20% $52,000$53,000 -$1,000 $.55 5% $52,000$55,000 -$3,000 ANSWER: There is a 75% probability that hedging will be more costly than no hedge.
5%($12,000) + 10%($7,000) + 30%($4,000) + 30%($2,000)
+ 20%(–$1,000) + 5%(–$3,000)
Managing Transaction Exposure 5 = $600 + $700 + $1200 + $600 – $200 – $150
= $2,750
8. Benefits of Hedging. If hedging is expected to be more costly than not hedging, why would a firm
even consider hedging?
ANSWER: Firms often prefer knowing what their future cash flows will be as opposed to the
uncertainty involved with an open position in a foreign currency. Thus, they may be willing to hedge even if they expect that the real cost of hedging will be positive.
9. Real Cost of Hedging Payables. Assume that Suffolk Co. negotiated a forward contract to purchase
200,000 British pounds in 90 days. The 90-day forward rate was $1.40 per British pound. The
pounds to be purchased were to be used to purchase British supplies. On the day the pounds were delivered in accordance with the forward contract, the spot rate of the British pound was $1.44. What was the real cost of hedging the payables for this U.S. firm?
ANSWER: The U.S. dollars paid when hedging = $1.40(200,000) = $280,000. The dollars paid if unhedged = $1.44(200,000) = $288,000. The real cost of hedging payables = $280,000 – $288,000 = –$8,000.
The U.S. dollars paid when hedging = $1.40(200,000) = $280,000. The dollars paid if unhedged = $1.34(200,000) = $268,000. The real cost of hedging payables = $280,000 – $268,000 = $12,000. 10. Hedging Decision. Kayla Co. imports products from Mexico, and it will make payment in pesos
in 90 days. Interest rate parity holds. The prevailing interest rate in Mexico is very high, which
reflects the high expected inflation there. Kayla expects that the Mexican peso will depreciate over the next 90 days. Yet, it plans to hedge its payables with a 90-day forward contract. Why may Kayla believe that it will pay a smaller amount of dollars when hedging than if it remains unhedged?
ANSWER: Since Mexico presently has a very high interest rate, the forward rate of the peso would exhibit a discount according to interest rate parity. Kayla Co. may believe that today’s 90-day
forward rate of the peso is lower than the expected spot rate in 90 days, which means that it will pay a smaller amount of dollar cash flows if it hedges than if it remains unhedged.
11. Forward versus Money Market Hedge on Payables. Assume the following information:
90-day U.S. interest rate = 4%
90-day Malaysian interest rate = 3%
90-day forward rate of Malaysian ringgit = $.400
Spot rate of Malaysian ringgit = $.404
Assume that the Santa Barbara Co. in the United States will need 300,000 ringgit in 90 days. It
wishes to hedge this payables position. Would it be better off using a forward hedge or a money market hedge? Substantiate your answer with estimated costs for each type of hedge.
ANSWER: If the firm uses the forward hedge, it will pay out 300,000($.400) = $120,000 in 90 days.
If the firm uses a money market hedge, it will invest (300,000/1.03) = 291,262 ringgit now in a
Malaysian deposit that will accumulate to 300,000 ringgit in 90 days. This implies that the number of
6 Managing Transaction Exposure
U.S. dollars to be borrowed now is (291,262 × $.404) = $117,670. If this amount is borrowed today, Santa Barbara will need $122,377 to repay the loan in 90 days (computed as $117,670 × 1.04 =
$122,377).
In comparison, the firm will pay out $120,000 in 90 days if it uses the forward hedge and $122,377 if it uses the money market hedge. Thus, it should use the forward hedge.
12.Forward versus Money Market Hedge on Receivables. Assume the following information:
180-day U.S. interest rate = 8%
180-day British interest rate = 9%
180-day forward rate of British pound = $1.50
Spot rate of British pound = $1.48
Assume that Riverside Corp. from the United States will receive 400,000 pounds in 180 days. Would it be better off using a forward hedge or a money market hedge? Substantiate your answer with
estimated revenue for each type of hedge.
ANSWER: If the firm uses a forward hedge, it will receive 400,000($1.50) = $600,000 in 180 days.
If the firm uses a money market hedge, it will borrow (400,000/$1.09) = 366,972 pounds, to be
converted to U.S. dollars and invested in the U.S. The 400,000 pounds received in 180 days will pay off this loan. The 366,972 pounds borrowed convert to about $543,119 (computed as 366,972 × $1.48), which when invested at 8% interest will accumulate to be worth about $586,569.
In comparison, the firm will receive $600,000 in 180 days using the forward hedge, or about
$586,569 in 180 days using the money market hedge. Thus, it should use the forward hedge.
13. Currency Options. Relate the use of currency options to hedging net payables and receivables. That
is, when should currency puts be purchased, and when should currency calls be purchased? Why would Cleveland, Inc., consider hedging net payables or net receivables with currency options rather than forward contracts? What are the disadvantages of hedging with currency options as opposed to forward contracts?
ANSWER: Currency call options should be purchased to hedge net payables. Currency put options should be purchased to hedge net receivables.
Currency options not only provide a hedge, but they provide flexibility since they do not require a commitment to buy or sell a currency (whereas the forward contract does).
A disadvantage of currency options is that a price (premium) is paid for the option itself. The only
payment by a firm using a forward contract is the exchange of a currency as specified in the contract.
14. Currency Options. Can Brooklyn Co. determine whether currency options will be more or less
expensive than a forward hedge when considering both hedging techniques to cover net payables in euros? Why or why not?
ANSWER: No. The amount paid out when using a forward contract is known with certainty.
However, the amount paid out when using currency options is not known until the period is over (since the firm has the flexibility to exercise the option only if it is feasible). Thus, the MNC cannot determine whether currency options will be more or less expensive than forward contracts when hedging net payables.
Managing Transaction Exposure 7 15. Long-term Hedging. How can a firm hedge long-term currency positions? Elaborate on each
method.
ANSWER: Long-term forward contracts are available to cover positions of five years or longer in some cases (for major currencies).
Parallel loans can be used to exchange currencies and re-exchange the currencies at a specified future exchange rate and date.
16. Leading and Lagging. Under what conditions would Zona Co.’s subsidiary consider using a
“leading” strategy to reduce transaction exposure? Under what conditions would Zona Co.’s
subsidiary consider using a “lagging” strategy to reduce transaction exposure?
ANSWER: If a subsidiary expected its currency to depreciate against an invoice currency on goods it imported, it may “lead” its payments (make payments early). If a subsidiary expected its currency to appreciate against an invoice currency on goods it imported, it may “lag” its payments (make a late payment).
17. Cross-Hedging. Explain how a firm can use cross-hedging to reduce transaction exposure.
ANSWER: If a firm cannot hedge a specific currency, it can use a forward contract on a currency that is highly correlated with the currency of concern.
18. Currency Diversification. Explain how a firm can use currency diversification to reduce transaction
exposure.
ANSWER: If a firm has net inflows in a variety of currencies that are not highly correlated with each other, exposure is not as great as if the equivalent amount of funds were denominated in a single currency. This is because not all currencies will depreciate against the firm’s home currency simul-taneously by the same degree. There may be a partial offsetting effect due to a diversified set of inflow currencies.
If the firm has net outflows in a variety of currencies, the same argument would apply.
19. Hedging With Put Options. As treasurer of Tucson Corp. (a U.S. exporter to New Zealand), you
must decide how to hedge (if at all) future receivables of 250,000 New Zealand dollars 90 days from now. Put options are available for a premium of $.03 per unit and an exercise price of $.49 per New Zealand dollar. The forecasted spot rate of the NZ$ in 90 days follows:
Future Spot Rate Probability
$.44 30%
.40 50
.38 20
Given that you hedge your position with options, create a probability distribution for U.S. dollars to be received in 90 days.
ANSWER:
8 Managing Transaction Exposure
Possible Spot Rate Put Option
Premium
Exercise
Option?
Amount per
Unit Received
Accounting
for Premium
Total Amount
Received for
NZ$250,000Probability
$.44 $.03 Yes $.46
$115,000
30% $.40 $.03 Yes $.46
$115,000
50% $.38 $.03 Yes $.46
$115,000
20%
The probability distribution represents a 100% probability of receiving $115,000, based on the
forecasts of the future spot rate of the NZ$.
20. Forward Hedge. Would Oregon Co.’s real cost of hedging Australian dollar payables every 90 days
have been positive, negative, or about zero on average over a period in which the dollar weakened
consistently? What does this imply about the forward rate as an unbiased predictor of the future spot rate? Explain.
ANSWER: The nominal cost when hedging Australian dollar payables would have been below the
nominal cost of payables on an unhedged basis during the weak dollar period, because the Australian dollar substantially appreciated during this period. Thus, the real cost of hedging would have been
negative during the period. This implies that the Australian dollar’s forward rate consistently
underestimated the Australian dollar’s future spot rate during the period and was therefore biased.
21. Implications of IRP for Hedging. If interest rate parity exists, would a forward hedge be more
favorable, the same as, or less favorable than a money market hedge on euro payables? Explain.
ANSWER: It would be equally favorable (assuming no transactions costs). If IRP exists, the forward premium on the forward rate would reflect the interest rate differential. The hedging of future
payables with a forward purchase provides the same results as borrowing at the home interest rate and investing at the foreign interest rate to hedge euro payables.
22.Real Cost of Hedging. Would Montana Co.’s real cost of hedging Japanese yen receivables have
been positive, negative, or about zero on average over a period in which the dollar weakened
consistently? Explain.
ANSWER: During the weak dollar period, the yen appreciated substantially against the dollar. Thus, the dollars received from hedging yen receivables would have been less than the dollars received if
the yen receivables were not hedged. This implies that the real cost of hedging yen receivables would have been positive during the weak dollar period.
23. Forward versus Options Hedge on Payables. If you are a U.S. importer of Mexican goods and you
believe that today’s forward rate of the peso is a very accurate estimate of the future spot rate, do you think Mexican peso call options would be a more appropriate hedge than the forward hedge?
Explain.
ANSWER: If the forward rate is close to or exceeds today’s spot rate, the forward hedge would be
preferable because the call option hedge would require a premium to achieve about the same locked-
in exchange rate. If the forward rate was much lower than today’s spot rate, the call option could be preferable because the firm could let the option expire and be better off.
24. Forward versus Options Hedge on Receivables You are an exporter of goods to the United
Kingdom, and you believe that today’s forward rate of the British pound substantially underestimates
Managing Transaction Exposure 9 the future spot rate. Company policy requires you to hedge your British pound receivables in some way. Would a forward hedge or a put option hedge be more appropriate? Explain.
ANSWER: A put option would be preferable because it gives you the flexibility to exchange pounds for dollars at the prevailing spot rate when receiving payment.
25. Forward Hedging. Explain how a Malaysian firm can use the forward market to hedge periodic
purchases of U.S. goods denominated in U.S. dollars. Explain how a French firm can use forward contracts to hedge periodic sales of goods sold to the United States that are invoiced in dollars.
Explain how a British firm can use the forward market to hedge periodic purchases of Japanese goods denominated in yen.
ANSWER: A Malaysian firm can purchase dollars forward with ringgit, which locks in the exchange rate at which it trades its ringgit for dollars.
The French firm could purchase euros forward with dollars.
The British firm can negotiate a forward contract with a bank to exchange pounds for yen at a future point in time.
26.Continuous Hedging. Cornell Co. purchases computer chips denominated in euros on a monthly
basis from a Dutch supplier. To hedge its exchange rate risk, this U.S. firm negotiates a three-month forward contract three months before the next order will arrive. In other words, Cornell is always covered for the next three monthly shipments. Because Cornell consistently hedges in this manner, it is not concerned with exchange rate movements. Is Cornell insulated from exchange rate
movements? Explain.
ANSWER: No! Cornell is exposed to exchange rate risk over time because the forward rate changes over time. If the euro appreciates, the forward rate of the euro will likely rise over time, which
increases the necessary payment by Cornell.
27.Hedging Payables with Currency Options. Malibu, Inc., is a U.S. company that imports British
goods. It plans to use call options to hedge payables of 100,000 pounds in 90 days. Three call
options are available that have an expiration date 90 days from now. Fill in the number of dollars needed to pay for the payables (including the option premium paid) for each option available under each possible scenario.
Spot Rate
of Pound Exercise Price Exercise Price Exercise Price
90 Days = $1.74; = $1.76; = $1.79;
Scenario from Now Premium = $.06 Premium = $.05 Premium = $.03
1 $1.65
2 1.70
3 1.75
4 1.80
5 1.85
10 Managing Transaction Exposure
If each of the five scenarios had an equal probability of occurrence, which option would you choose?
Explain.
ANSWER:
Spot Rate
of Pound Exercise Price Exercise Price Exercise Price
90 Days = $1.74; = $1.76; = $1.79;
Scenario from Now Premium = $.06 Premium = $.05 Premium = $.03
1 $1.65 $171,000 $170,000 $168,000
2 1.70 176,000 175,000 173,000
3 1.75 180,000 180,000 178,000
4 1.80 180,000 181,000 182,000
5 1.85 180,000 181,000 182,000
The option with the $.03 premium is slightly better than the other two options, on average.
28.Forward Hedging. Wedco Technology of New Jersey exports plastics products to Europe. Wedco
decided to price its exports in dollars. Telematics International, Inc. (of Florida), exports computer
network systems to the United Kingdom (denominated in British pounds) and other countries.
Telematics decided to use hedging techniques such as forward contracts to hedge its exposure.
a. Does Wedco’s strategy of pricing its materials for European customers in dollars avoid economic
exposure? Explain.
ANSWER: Wedco avoids transaction exposure but not economic exposure. If the euro weakens
against the dollar, European customers would have to pay more for Wedco’s materials. This may
encourage the customers to purchase their materials from other firms.
b. Explain why the earnings of Telematics International, In
c., were affected by changes in the value
of the pound. Why might Telematics leave its exposure unhedged sometimes?
ANSWER: Telematics International, Inc. has sales to European customers, which are denominated in
British pounds. While Telematics’ pound receivables are hedged, the forward rate changes over time
and is somewhat dependent on the spot rate at the time. Telematics may consider remaining
unhedged whenever it expects the pound to appreciate.
29.The Long-term Hedge Dilemma. St. Louis Inc., which relies on exporting, denominates its exports
in pesos and receives pesos every month. It expects the peso to weaken over time. St. Louis
recognizes the limitation of monthly hedging. It also recognizes that it could remove its transaction
exposure by denominating the exports in dollars but that it is still would be subject to economic
exposure. The long-term hedging techniques are limited and the firm does not know how many pesos
it will receive in the future, so it would have difficulty even if a long-term hedging method was
available. How can this business realistically deal with this dilemma to reduce its exposure over the
long-term?
ANSWER: If it expects that the weakness of the peso over time is attributed to high inflation in
Mexico, it may be able to increase its price (in pesos) for its exports. That is, it may retain its sales at
the higher peso price if its competitors have increased their prices. This strategy may offset the
weakness of the peso, so that it could generate the same dollar cash flows.
Managing Transaction Exposure 11 If it is unable to increase its price due to competitive pressure, it should consider moving some of its production to Mexico. A portion of the peso revenue could be used to cover the expenses in pesos, so that it would have less exposure.
30. Long-term Hedging. Since Obisbo Inc. conducts much business in Japan, it is likely to have cash
flows in yen that will periodically be remitted by its Japanese subsidiary to the U.S. parent. What are the limitations of hedging these remittances one year in advance over each of the next 20 years?
What are the limitations of creating a hedge today that will hedge these remittances over each of the next 20 years?
ANSWER: If Obisbo Inc. hedges one year in advance, the forward rate negotiated at the beginning of each year will be based on the spot rate of the yen (and the difference between the Japanese interest rate and U.S. interest rate) at the beginning of that year. Thus, the forward rate at which the hedge occurs each year could be quite volatile. Obisbo Inc. would remove uncertainty for one year in
advance but there is still much uncertainty about 2 or 5 years in advance. The more distant the timing of remittances, the more uncertainty there is about the cash flows. It could create a hedge today (a currency swap agreement or a set of forward contract) to hedge the next 20 years, but it will have to estimate the earnings that need to be hedged in each of those years, which is very complicated and subject to much error.
31.Hedging During the Asian Crisis. Describe how the Asian crisis could have reduced the cash flows
of a U.S. firm that exported products (denominated in U.S. dollars) to Asian countries.
How could a U.S. firm that exported products (denominated in U.S. dollars) to Asia and anticipated the Asian crisis before it began, have insulated itself from any currency effects while continuing to export to Asia?
ANSWER: The weakness of the Asian currencies would cause the Asian importers to reduce their demand for U.S. products, because these imports from the U.S. would have cost more due to the Asian currency depreciation.
It might have invoiced the exports in the Asian currencies so that the Asian customers would not be subjected to higher costs when their currencies depreciated, but it would also have hedged its
receivables over the Asian crisis period to insulate against the expected depreciation of the Asian currencies.
Advanced Questions
32. Comparison of Techniques for Hedging Receivables.
a. Assume that Carbondale Co. expects to receive S$500,000 in one year. The existing spot rate of
the Singapore dollar is $.60. The one-year forward rate of the Singapore dollar is $.62.
Carbondale created a probability distribution for the future spot rate in one year as follows: Future Spot Rate Probability
$.61 20%
.63 50
.67 30
12 Managing Transaction Exposure
Assume that one-year put options on Singapore dollars are available, with an exercise price of $.63 and a premium of $.04 per unit. One-year call options on Singapore dollars are available
with an exercise price of $.60 and a premium of $.03 per unit. Assume the following money
market rates:
U.S. Singapore
Deposit
rate 8% 5%
Borrowing rate 9 6
Given this information, determine whether a forward hedge, money market hedge, or a currency options hedge would be most appropriate. Then compare the most appropriate hedge to an
unhedged strategy, and decide whether Carbondale should hedge its receivables position.
ANSWER:
Forward hedge
Sell S$500,000 × $.62 = $310,000
Money market hedge
1. Borrow S$471,698 (S$500,000/1.06 = S$471,698)
2. Convert S$471,698 to $283,019 (at $.60 per S$)
3. Invest the $283,019 at 8% to earn $305,660 by the end of the year
Put option hedge (Exercise price = $.63; premium = $.04)
Possible Spot
Rate
Option
Premium per
Unit Exercise
Amount
Received per
Unit (also
accounting
for premium)
Total Amount
Received for
S$500,000Probability
$.61 $.04 Yes $.59
$295,000
20% $.63 $.04 Yes or No $.59 $295,000 50%
$.67 $.04 No $.63
$315,000
30%
The forward hedge is superior to the money market hedge and has a 70% chance of outperforming the
put option hedge. Therefore, the forward hedge is the optimal hedge.
Unhedged Strategy
Possible Spot Rate Total Amount Received for
S$500,000Probability
$.61 $305,000 20% $.63 $315,000 50% $.67 $335,000 30%
Managing Transaction Exposure 13 When comparing the optimal hedge (the forward hedge) to no hedge, the unhedged strategy has an 80% chance of outperforming the forward hedge. Therefore, the firm may desire to remain
unhedged.
b. Assume that Baton Rouge, In
c. expects to need S$1 million in one year. Using any relevant
information in part (a) of this question, determine whether a forward hedge, a money market
hedge, or a currency options hedge would be most appropriate. Then, compare the most
appropriate hedge to an unhedged strategy, and decide whether Baton Rouge should hedge its
payables position.
ANSWER:
Forward hedge
Purchase S$1,000,000 one year forward:
S$1,000,000 × $.62 = $620,000
Money market hedge
1. Need to invest S$952,381 (S$1,000,000/1.05 = S$952,381)
2. Need to borrow $571,429 (S$952,381 × $.60 = $571,429)
3. Will need $622,857 to repay the loan in one year ($571,429 × 1.09 = $622,857)
Call option hedge (Exercise price = $.60; premium = $.03)
Amount Paid Total
Unit Amount
Option per
Possible Premium Exercise (including Paid for
Spot Rate per Unit Option? the premium) S$1,000,000 Probability
$.61 $.03 Yes $.63 $630,000 20%
.63 .03 Yes .63 630,000 50
.67 .03 Yes .63 630,000 30
The optimal hedge is the forward hedge.
Unhedged Strategy
Total
Possible Amount Paid
Spot Rate for S$500,000 Probability
$.61 $610,000 20%
.63 630,000 50
.67 670,000 30
The forward hedge is preferable to the unhedged strategy because there is an 80 percent chance that it will outperform the unhedged strategy and may save the firm as much as $50,000.
33. Comparison of Techniques for Hedging Payables. SMU Corp. has future receivables of 4,000,000
New Zealand dollars (NZ$) in one year. It must decide whether to use options or a money market hedge to hedge this position. Use any of the following information to make the decision. Verify your answer by determining the estimate (or probability distribution) of dollar revenue to be received in one year for each type of hedge.
14 Managing Transaction Exposure
Spot rate of NZ$ = $.54
One-year call option: Exercise price = $.50; premium = $.07
One-year put option: Exercise price = $.52; premium = $.03
U.S. New Zealand One-year deposit rate 9% 6%
One-year borrowing rate 11 8
Rate Probability Forecasted spot rate of NZ$ $.50 20%
.51 50
.53 30
ANSWER:
Put option hedge (Exercise price = $.52; premium = $.03)
Possible Spot
Rate Put Option
Premium
Exercise
Option?
Amount per
Unit Received
Accounting
for Premium
Total Amount
Received
for
NZ$4,000,000Probability
$.50 $.03 Yes $.49
$1,960,000
20% $.51 $.03 Yes $.49
$1,960,000
50% $.53 $.03 No $.50
$2,000,000
30%
Money market hedge
1. Borrow NZ$3,703,704 (NZ$4,000,000/1.08 = NZ$3,703,704)
2. Convert NZ$3,703,704 to $2,000,000 (at $.54 per New Zealand dollar)
3. Invest $2,000,000 to accumulate $2,180,000 at the end of one year ($2,000,000 × 1.09 =
$2,180,000)
The money market hedge is superior to the put option hedge.
34. Exposure to September 11. If you were a U.S. importer of products from Europe, explain whether
the September 11, 2001 terrorist attack on the U.S. would have caused you to hedge your payables
(denominated in euros) due a few months later. Keep in mind that the attack was followed by a
reduction in U.S. interest rates.
ANSWER: The attack would have caused expectations of weak U.S. stock prices and lowered U.S.
interest rates, which could have reduced capital flows into the U.S. and reduced the value of the
dollar. If the dollar weakened, this would adversely affect U.S. importing firms. If you expected that
the dollar would strengthen as a result of the terrorist attack (due to a weak economy and lower
inflation reducing the U.S. demand for foreign products), then U.S. importers would not be adversely affected by the exchange rate movements, and you would not have hedged your position.
35. Hedging with Forward versus Option Contracts. As treasurer of Tempe Corp., you are confronted
with the following problem. Assume the one-year forward rate of the British pound is $1.59. You
plan to receive 1 million pounds in one year. A one-year put option is available. It has an exercise
Managing Transaction Exposure 15 price of $1.61. The spot rate as of today is $1.62, and the option premium is $.04 per unit. Your forecast of the percentage change in the spot rate was determined from the following regression
model:
e t = a0 + a1DINF t-1 + a2DINT t + u
where e t= percentage change in British pound value over period t
DINF t-1= differential in inflation between the United States and the United
Kingdom in period t–1
DINT t= average differential between U.S. interest rate and British
interest rate over period t
a0, a1, and a2 = regression coefficients
term
u = error
The regression model was applied to historical annual data, and the regression coefficients were estimated as follows:
a0 = 0.0
a1 = 1.1
a2 = 0.6
Assume last year’s inflation rates were 3 percent for the United States and 8 percent for the United Kingdom. Also assume that the interest rate differential (DINT t) is forecasted as follows for this year:
Forecast of DINT t Probability
1% 40%
2 50
3 10
Using any of the available information, should the treasurer choose the forward hedge or the put option hedge? Show your work.
ANSWER:
Forecast of DINT t Forecast of e t Probability
1% 1.1(–5%) + .6(1%) = –4.9% 40%
2% 1.1(–5%) + .6(2%) = –4.3% 50%
3% 1.1(–5%) + .6(3%) = –3.7% 10%
Approximate
Forecast of e t Forecasted Spot Rate
(derived above) of Pound in One Year Probability
–4.9% 1.62 × [1 + (–4.9%)] = $1.54 40%
–4.3 1.62 × [1 + (–4.3%)] = $1.55 50%
–3.7 1.62 × [1 + (–3.7%)] = $1.56 10%
Put option hedge (Exercise price = $1.61; premium = $.04)
16 Managing Transaction Exposure
Possible
Spot Rate of Amount
Pound in Received
One Year Put per Unit Total Amount
(derived Option Exercise (accounting Received for One
above) Premium Option? for premium) Million Pounds Probability $1.54 $.04 Yes $1.57 $1,570,000 40% 1.55 .04 Yes $1.57 1,570,000 50 1.56 .04 Yes $1.57 1,570,000 10
Forward hedge
Sell 1,000,000 pounds one year forward:
1,000,000 pounds × $1.59 = $1,590,000
The forward hedge is preferable to the put option hedge.
36. Hedging Decision. You believe that IRP presently exists. The nominal annual interest rate in Mexico
is 14%. The nominal annual interest rate in the U.S. is 3%. You expect that annual inflation will be about 4% in Mexico and 5% in the U.S. The spot rate of the Mexican peso is $.10. Put options on pesos are available with a one-year expiration date, an exercise price of $.1008, and a premium of $0.014 per unit.
You will receive 1 million pesos in one year.
a. Determine the amount of dollars that you will receive if you use a forward hedge.
ANSWER: According to IRP, the forward premium on the peso should be (1.03)/(1.14) – 1 =
–.0965 or –9.65%
Thus, the forward rate is:
$.10 × [1 + (–.0965)] = $.09035. To hedge 1 million pesos, you would receive $90,350.
b. Determine the expected amount of dollars that you will receive if you do not hedge and believe in
purchasing power parity (PPP).
ANSWER: The expected percentage change in the Mexican peso according to PPP is:
(1 + .05)/(1 + .04) – 1 = 0.96%. Thus, the peso’s spot rate is expected to be:
$.10 × (1.0096) = $.10096
You would receive 1,000,000 × $.10096 = $100,960
c. Determine the amount of dollars that you will expect to receive if you use a currency put option
hedge. Account for the premium you would pay on the put option.
ANSWER: Since the expected spot rate is $.10096 based on PPP, you could receive $.10096 per unit when you receive the pesos. This amount is higher than the exercise price, so you would sell the
Managing Transaction Exposure 17 pesos at this rate rather than exercise the option. You would have paid a premium of $.014 per unit, so you would receive $.08696 per unit ($.10096 – $.014). Your receivables would convert to
1,000,000 × $.08696 = $86,960.
37. Forecasting with IFE and Hedging. Assume that Calumet Co. will receive 10 million pesos in
15 months. It does not have a relationship with a bank at this time, and therefore can not obtain a
forward contract to hedge its receivables at this time. However, in three months, it will be able to obtain a one-year (12-month) forward contract to hedge its receivables. Today the three-month U.S.
interest rate is 2% (not annualized), the 12-month U.S. interest rate is 8%, the three-month Mexican peso interest rate is 5% (not annualized), and the 12-month peso interest rate is 20%. Assume that interest rate parity exists. Assume the international Fisher effect exists. Assume that the existing interest rates are expected to remain constant over time. The spot rate of the Mexican peso today is $.10. Based on this information, estimate the amount of dollars that Calumet Co. will receive in 15 months.
ANSWER
Expected Peso value in 3 months = 1.02/1.05 = .9714 ? .9714 x $.10 = $.09714
Expected 1-year FR prem in 3 mo = (1.08/1.2) -1 = -10%
Expected one-year FR in 3 months = $.09714 x .9 = $.087426
So expected amount to be received from hedging =$.087426 x 10 million pesos = $874,260
38. Forecasting from Regression Analysis and Hedging. You apply a regression model to annual
data in which the annual percentage change in the British pound is the dependent variable, and INF (defined as annual U.S. inflation minus U.K. inflation) is the independent variable. Results of the regression analysis show an estimate of 0.0 for the intercept and +1.4 for the slope coefficient. You believe that your model will be useful to predict exchange rate movements in the future.
You expect that inflation in the U.S. will be 3%, versus 5% in the U.K. There is an 80% chance of that scenario. However, you think that oil prices could rise, and if so, the annual U.S. inflation rate will be 8% instead of 3% (and the annual U.K. inflation will still be 5%). There is a 20% chance that this scenario will occur. You think that the inflation differential is the only variable that will affect the British pound’s exchange rate over the next year.
The spot rate of the pound as of today is $1.80. The annual interest rate in the U.S. is 6% versus an annual interest rate in the U.K. of 8%. Call options are available with an exercise price of $1.79, an expiration date of one year from today, and a premium of $.03 per unit.
Your firm in the U.S. expects to need 1 million pounds in one year to pay for imports. You can use any one of the following strategies to deal with the exchange rate risk:
a.unhedged strategy
b.money market hedge
c.call option hedge
Estimate the dollar cash flows you will need as a result of using each strategy. If the estimate for a particular strategy involves a probability distribution, show the distribution. Which hedge is optimal?
18 Managing Transaction Exposure
ANSWER:
The results of the regression analysis and the forecasts of the future inflation rates can be used to derive the percentage change in the value of the British pound: 0 + 1.4 x (3% - 5%) = -2.8% [80% probability].
In this scenario, the exchange rate will be $1.7496
In the second scenario, the forecast is = 0 + 1.4 (8% - 5%) = 4.2% [20% probability]. If this
scenario occurs, exchange rate will be $1.8756.
Unhedged strategy:
Possible spot
rate in one year Probability Cost of payables
$1.7496 80.00% $1,496,600
$1.8756 20.00% $1,875,600
Money market hedge:
To receive ￡1,000,000 at the end of the year, invest ￡935,926 now:
￡1,000,000 / (1+0.08) = ￡925,926.
Based on existing spot rate, need to borrow:
(￡925,926 x 1.8) = $1,666,667 from U.S. bank.
Repay the U.S. loan in one year plus interest:
$1,666,667 x 1.06 = $1,766,667.
Call option hedge
Scenario 1: Call options will not be exercised. When including the premium of $.03 per unit, the cost is $1.7796 per unit.
Scenario 2: Call options will be exercised at an exercise price of $1.79. When including the premium of $.03 per unit, the cost is $1.82 per unit.
Possible spot rate
in one year Probability
Cost of hedging ￡1,000,000 (including the option premium)
1.7496 80.00% $1,779,600
1.8756 20.00% $1,820,000
Decision: The optimal hedge is the money market hedge.
39. Forecasting Cash Flows and Hedging Decision. Virginia Co. has a subsidiary in Hong Kong
and in Thailand. Assume that the Hong Kong dollar is pegged at $.13 per Hong Kong dollar and it will remain pegged. The Thai baht fluctuates against the dollar, and is presently worth $.03. Virginia Co. expects that during this year, the U.S. inflation rate will be 2%, the Thailand inflation rate will be 11%, while the Hong Kong inflation rate will be 3%. Virginia Co. expects that purchasing power parity will hold for any exchange rate that is not fixed (pegged). The parent of Virginia Co. will
Managing Transaction Exposure 19 receive 10 million Thai baht and 10 million Hong Kong dollars at the end of one year from its
subsidiaries.
a.Determine the expected amount of dollars to be received by the U.S. parent from the Thai
subsidiary in one year when the baht receivables are converted to U.S. dollars.
b.The Hong Kong subsidiary will send HK$1 million to make a payment for supplies to the Thai
subsidiary. Determine the expected amount of baht that will be received by the Thai subsidiary
when the Hong Kong dollar receivables are converted to Thai baht.
c.Assume that interest rate parity exists. Also assume that the real one-year interest rate in the U.S.
is presumed to be 1.0%, while the real interest rate in Thailand is presumed to be 3.0%.
Determine the expected amount of dollars to be received by the U.S. parent if it uses a one-year
forward contract today to hedge the receivables of 10 million baht that will arrive in one year.
ANSWER:
a. [1.02/1.11] – 1 = -8.11%
$.03 x (1-.0811) = $.0275675
10million baht = $275,675
b. Cross rate of HK$ = $.13/$.0275675=4.7157baht per HK$ or
HK$1m x 4.7157 = 4,715,700 baht
c. [1.03/1.14]-1 = -.0964 so FR = $.03 (1-.0964) = $.0271
Amount to be received = 10 million baht x $.0271 = $271,052
40. Hedging Decision. Chicago Company expects to receive 5 million euros in one year from exports.
It can use any one of the following strategies to deal with the exchange rate risk. Estimate the dollar cash flows received as a result of using the following strategies:
a. unhedged strategy
b. money market hedge
c. option hedge
The spot rate of the euro as of today is $1.10. Interest rate parity exists. Chicago uses the forward rate as a predictor of the future spot rate. The annual interest rate in the U.S. is 8% versus an annual
interest rate of 5% in the eurozone. Put options on euros are available with an exercise price of $1.11, an expiration date of one year from today, and a premium of $.06 per unit. Estimate the dollar cash flows it will receive as a result of using each strategy. Which hedge is optimal?
ANSWER
Calculation of Forward Rate
Spot Rate $1.10
US Interest Rate 0.08
Euro Interest Rate 0.05
p=0.028571429
Forward Rate = $1.13
Remain Unhedged
20 Managing Transaction Exposure
Future Spot Rate $1.13
Amount of Euros to Convert 5,000,000
Cash flow $5,657,142
Money Market Hedge
Amount of Receivables 5,000,000
Interest Rate to borrow euros 0.05
Amount in euros borrowed 4,761,904
$ received from converting $5,238,095
U.S. deposit rate 0.08
$ accumulated after 1 yr $5,657,142
Cash flow $5,657,142
Put Option Hedge
Exercise Price $1.11
Future Spot Rate $1.13
Premium per Unit $0.06
Exercise Option? NO
Amount of Receivables 5,000,000
Received per Unit $1.07
Cash flow $5,357,142
The money market hedge and unhedged strategy achieve the same outcome, which is more favorable than the put option strategy.
41. Overhedging. Denver Co. is about to order supplies from Canada that are denominated in
Canadian dollars (C$). It has no other transactions in Canada, and will not have any other transactions in the future. The supplies will arrive in one year and payment is due at that time. There is only one supplier in Canada. Denver submits an order for 3 loads of supplies, which will be priced at C$3 million. Denver Co. purchases C$3 million one year forward, since it anticipates that the Canadian dollar will appreciate substantially over the year. The existing spot rate is $.62, while the one-year forward rate is $.64. The supplier is not sure if it will be able to provide the full order, so it only guarantees Denver Co. that it will ship one load of supplies, and in this case, the supplies will be priced at C$1 million. Denver Co. will not know whether it will receive one load or three loads until the end of the year.
Determine Denver’s total cash outflows in U.S. dollars under the scenario that the Canadian supplier only provides one load of supplies, and that the spot rate of the Canadian dollar at the end of one year is $.59. Show your work.
ANSWER
Price per load of supplies (C$) 1,000,000
Loads of supplies needed 3
会计学课后习题答案
第一章总论 【思考题】 1．说明财务会计与管理会计的区别与联系。 答：财务会计与管理会计的区别可概括为； （1）财务会计以计量和传送信息为主要目标 财务会计不同于管理会计的特点之一，是财务会计的目标主要是向企业的投资者、债权 人、政府部门，以及社会公众提供会计信息。从信息的性质看，主要是反映企业整体情况， 并着重历史信息。从信息的使用者看，主要是外部使用者，包括投资人、债权人、社会公众 和政府部门等。从信息的用途看，主要是利用信息了解企业的财务状况和经营成果。而管理 会计的目标则侧重于规划未来，对企业的重大经营活动进行预测和决策，以及加强事中控制。 （2）财务会计以会计报告为工作核心 财务会计作为一个会计信息系统，是以会计报表作为最终成果。会计信息最终是通过会 计报表反映出来。因此，财务报告是会计工作的核心。现代财务会计所编制的会计报表是以 公认会计原则为指导而编制的通用会计报表，并把会计报表的编制放在最突出的地位。而管 理会计并不把编制会计报表当做它的主要目标，只是为企业的经营决策提供有选择的或特定的管理信息，其业绩报告也不对外公开发表。 （3）财务会计仍然以传统会计模式作为数据处理和信息加工的基本方法 为了提供通用的会计报表，财务会计还要运用较为成熟的传统会计模式作为处理和加工信息的方法。传统会计模式也是历史成本模式，它依据复式簿记系统，以权责发生制为基础，采用历史成本原则。 （4）财务会计以公认会计原则和行业会计制度为指导 公认会计原则是指导财务会计工作的基本原理和准则，是组织会计活动、处理会计业务的规范。公认会计原则由基本会计准则和具体会计准则所组成。这都是我国财务会计必须遵循的规范。而管理会计则不必严格遵守公认的会计原则。 2．试举五个会计信息使用者，并说明他们怎样使用会计信息。 答： 股东。他们需要评价过去和预测未来。有关年度财务报告是满足这些需要的最重要的手段，季度财务报告、半年度报告也是管理部门向股东报告的重要形式。向股东提供这些报告是会计信息系统的传统职责，股东借助于财务报告反映的常规信息,获得有关股票交易和股利支付的情况，从而做出投资决策。 银行。他们对公司的信誉、偿债能力，以及企业的未来发展是非常关心的。公司的财务报告是这些信息的一个重要来源。银行人需要的有关借贷业务的常规信息，是通过与借款单位的会计信息交换得来的。 税务机关。他们需要有关公司利润和向国家交纳税额的信息；社会保障机关需要有关企业交纳各项社会保障基金的信息。 总经理。他要利用企业的会计信息对企业的生产经营进行管理。通过对企业财务状况、收入与成本费用的分析，可以发现企业在生产经营上存在的问题，以便采取措施，改进经营。 职工。作为一个利益集团，职工个人期望定期收到工资和薪金，并同时得到有关企业为个人提供社会保障的各类基金方面的信息和企业的某些综合性的信息，诸如工资平均水平、福利金和利润等，职工代表大会、工会也会代表职工要求得到这些信息，这些信息的大部分是由会计信息系统提供的。 3．何谓可靠性？可靠性是否意味着真实？ 答：可靠性是指会计信息必须是客观的和可验证的。一项信息是否可靠取决于以下三个因素，即真实性、可核性和中立性。所谓真实性就是要如实表达，即会计核算应以实际发生的经济业务为依据，内容真实、数字准确、资料可靠，会计的记录和报告不加任何掩饰。 所谓可核性是指信息可经得住复核和验证，即由独立的专业和文化素养基本相同的人员，分别采用同一计量方法，对同一事项加以计量，能得出相同的结果。所谓中立性是指会计信息应不偏不依，不带主观成份。将真相如实地和盘托出，结论让用户自己去判断。会计人员不能为了某种特定利益者的意愿或偏好而对会计信
财务会计学课后答案全
财务会计学课后答案全Last revision on 21 December 2020
第2章货币资金和应收款项 1.银行存款余额调节表 2.（1）借：其他货币资金-外埠存款 400000 贷：银行存款 400000 （2）借：其他货币资金-银行汇票存款 15000 贷：银行存款 15000 （3）借：原材料 300000 应交税费 51000 贷：其他货币资金-外埠存款 351000 （4）借：原材料 10000 应交税费 1700 贷：其他货币资金-银行汇票存款 11700 （5）借：银行存款 49000 贷：其他货币资金-外埠存款 49000 （6）借：银行存款 3300 贷：其他货币资金-银行汇票存款 3300 3.总价法 5月3日 借：应收账款 66690
贷：主营业务收入 57000 应交税费 9690 5月18日 借：银行存款 财务费用 贷：应收账款 66690 5月19日 120×100×=11400 11400×=1938（11400+1938）×1%= 借：主营业务收入 11400 应交税费 1938 贷：银行存款 财务费用 净价法 57000×（1+17%）=66690 66690×2%= 5月3日 借：应收账款 贷：主营业务收入 应交税费 9690 5月18日 借：银行存款 贷：应收账款 财务费用
5月19日 借：主营业务收入 应交税费 1938 财务费用 贷：银行存款 4.2009年借：资产减值损失 10000 贷：坏账准备 10000 2010年借：坏账准备 4000 贷：应收账款 4000 借：资产减值损失 8000 贷：坏账准备 8000 2011 借：坏账准备 20000 贷：应收账款 20000 借：应收账款 3000 贷：坏账准备 3000 借：资产减值损失 12000 贷：坏账准备 12000 第三章 1. （1）借：在途物资-甲 10300 应交税费 1700 贷：银行存款 12000 （2）借：原材料-甲 10300
预算会计习题及答案
第一章预算会计概述 一、判断题 1、会计按其适用范围和核算对象，可分为企业会计和事业单位会计、行政单位会计及 财政总预算会计两大类。（） 2、财政总预算会计的核算内容不包括财产物资的核算。（） 3、财政总预算会计核算的主体是各级财政机关。（） 4、行政单位也需要进行成本核算。（） 5、事业单位会计、行政单位会计和财政总预算会计，与企业会计比较基本相同。（） 6、财政机关经常用现金支付办公用品的零星开支，因此财政总预算会计也要进行现金的核 算。（） 7、所有事业单位都是非营利性质的。（） 二、单项选择题 1、在下列会计核算的一般原则中，事业单位会计与企业单位会计核算不同的是（）。 A 历史成本计价原则B及时性原则 C 权责发生制原则 D 专款专用原则 2、下列单位不属于事业单位范畴的是（）。 A 气象台 B 林业研究所 C 出版社 D 福利企业 3、预算会计的基本等式为（）。 A 资产=权益B资产=负债+所有者权益 C 资产=负债+净权益 D 资产+支出=负债+净资产+收入 4、我国财政总预算会计管理体系设置的原则为（）。 A 按经济区域设置 B 按管理权限设置 C 一级政府，一级总预算会计 D 统一领导，分级管理 5、我国会计按其适用范围和和核算对象，可分为（）。 A企业会计和预算会计B预算会计和行业会计 C行业会计 D 旅游、房地产会计 6、事业单位经营性收支业务核算可采用（） A 收付实现制B按历史成本计价 C 按重置成本计价 D 权责发生制 7、总预算会计是各级人民政府财政部门反映和监督（）。 A 省级以下各级财政部门的会计 B 中央财政会计‘ C 以地方为主中央为辅的会计 D 总预算执行情况的会计 8、凡是向同级财政部门领报经费，并发生预算管理关系的行政主管单位所实行的独立会计核算，称为行政（）。 A 二级单位会计 B 三级单位会计 C 基层单位会计 D 主管单位会计 三、多项选择题 1、预算会计的主体包括（）。 A 各级财政部门 B 各级政府 C 各类事业单位 D 行政单位 2、预算会计的组成体系包括（）。 A 财政总预算会计 B 行政单位会计 C 事业单位会计 D 农业企业会计 3、行政单位的会计组织系统分为（）。 A 主管会计单位 B 二级会计单位 C 三级会计单位 D 四级会计单位 4、我国财政总预算会计的分级包括（）。 A 中央级财政总预算会计 B 省（自治区、直辖市）财政总预算会计 C 市（地、州）财政总预算会计 D 基层财政总预算会计 5、事业单位区别于企业单位的会计要素包括（）。
财务会计学习题与答案
项目一 一、单项选择题 1.对期末存货采用成本与可变现净值孰低计价，其所体现的会计信息质量要求是 (C ) 。 A. 及时性 B. 历史成本 C. 谨慎性 D. 配比性 2. 下列各项中，不属于企业收入要素范畴的是（D）。 A.销售商品收入 B.提供劳务取得的收入 C.出租无形资产取得的收入 D.出售固定资产取得的收益 3. 由于（A），导致了各种应计、递延等调整事项。 A.权责发生制 B.收付实现制 C.配比 D.客观性 4. 强调不同企业会计信息横向可比的会计信息质量要求是（C ）。 A.客观性 B.配比 C.可比性 D.一贯性 5. 企业将融资租入固定资产按自有固定资产的折旧方法计提折旧，遵循的会计信息质量要求是（D）原则。 A.可比性 B.重要性 C.相关性 D.实质重于形式 6. 下列各项中可以引起资产和所有者权益同时发生变化的是（B）。 A.用税前利润弥补亏损 B.投资者投入资本 C.资本公积转增资本 D.提取法定盈余公积 7. 下列各项中，符合资产会计要素定义的是（C）。 A.计划购买的原材料 B.待处理财产损溢 C.委托代销商品 D.预收款项 8. 下列计价方法中,不符合历史成本计量基础的是（B）。 A.发出存货计价所使用的个别计价法 B.交易性金融资产期末采用公允价值计价 C.发出存货计价所使用的先进先出法 D.发出存货计价所使用的移动平均法 9. 关于损失，下列说法中正确的是（B）。 A.损失是指由企业日常活动所发生的、会导致所有者权益减少的、与向所有者分配利润无关的经济利益的流出 B.损失是指由企业非日常活动所发生的、会导致所有者权益减少的、与向所有者分配利润无关的经济利益的流出 C.损失只能计入所有者权益项目，不能计入当期利润 D.损失只能计入当期利润，不能计入所有者权益项目 10. 关于收入，下列说法中错误的是（D）。 A.收入是指企业在日常活动中形成的、会导致所有者权益增加的、与所有者投入资本无关的经济利益的总流入 B.收入只有在经济利益很可能流入从而导致企业资产增加或者负债减少、且经济利益的流入额能够可靠计量时才能予以确认 C.符合收入定义和收入确认条件的项目，应当列入利润表 D.收入是指企业在日常活动中形成的、会导致所有者权益或负债增加的、与所有者投入资本无关的经济利益的总流入
预算会计综合练习题及答案-(1)(1)
预算会计综合练习题 一、单项选择题： 1、B 2、以下等式中属于预算会计的恒等公式的是（B ）。 A 利润＝收入－费用 B 资产＝负债＋净资产 C 资产＋支出＝负债＋净资产＋收入 D 资产＝负债＋净资产＋收入－支出 3、事业单位的“上级补助收入”属于（C ）。 A 预算收入 B 预算外收入 C 非财政补助收入 D 财政收入 4、D 5、 B 6、资金调拨收入不包括（ A ）。 A 基金预算收入 B 补助收入 C 上解收入 D 调入资金 7、对于事业单位取得收入为实物时，应按（ D ）确认其价值。 A 评估价值 B 历史成本 C 暂估价值 D 有关凭证 8、关于预算结余科目，下列说法正确的是（C ）。 A 年终结账时，从“一般预算收入”的借方转入 B年终结账时，从“上解收入”的借方余额转入 C年终结账时，从“调入资金”的贷方余额转入 D年终结账时，从“调入资金”的借方余额转入 9、按照现金管理制度的有关规定，下列支出不应使用现金支付的是（B ）。 A 发放职工工资35000元 B 支付商品价款5000元 C 支付职工医药费800元 D 购买零星办公用品200元 10、以下说法不正确的是（D ）。 A 总预算会计报表由表头、表体、表尾组成 B 各级总预算会计报表按旬、按月、按年编报 C 利用总预算会计报表可以分析研究一定时期总预算执行情况及其原因 D 总预算会计报表不能作为编制下期预算的参考 11、以下资产不属于无形资产内容的是（C ）。 A 专利权 B 士地使用权 C 递延资产 D 商标权 12、政府与事业单位会计与预算管理体制相适应而分为（ C ）会计。 A 行政机关会计和科研部门会计 B 文化卫生单位会计与党派团体会计 C 总预算会计与单位会计 D 省级财政会计与市级财政会计 13、财政部门借给下级财政部门预算资金时，会计核算的科目是（B ）。 A 暂付款 B 与下级往来 C 预拨经费 D 借出款项 14、在财政会计中与下级往来账户属于（ C ）类账户。 A 资产类账户 B 负债类账户 C 资产和负债双重性质 D 净资产类 15、财政会计报表中的月报，预算收入项目按国家预算收支科目要求应列报到（ B ）。 A 类 B 款 C 项 D 目 16、下列单位不属于事业单位范畴的是（ D ）。 A 气象局 B 林业科研所 C 出版社 D 福利企业 17、某市剧团收到上级单位通过银行拨来本月经费2500000元，则应填制（ A ）。 A 收款凭证 B 付款凭证 C 转账凭证 D 原始凭证 18、某学校发生清理报废固定资产人员的工资，应计入（ A ）账户。
财务会计课后习题答案
第一章复习思考 1.为什么说企业财务会计是一个信息系统？ 对于企业潜在的投资者和已持有股份的投资者来说，他们做出经济决策所需要的信息都是由企业的财务会计体系所生成的，并通过财务报表（即会计报表）获得。因此，就财务报表及整个财务会计体系的本质来说，它是一个信息系统。 2.什么是公司企业管理层的受托责任？委托者是谁？受托者是谁？他们相互之间是怎样沟通的？ 受托责任大致包括三方面。（1）受托方有效的管理与运用受托资源，使其增值保值的责任；（2）受托方如实委托方报告受托责任履行过程与结果的义务；（3）受托方的企业管理当局负有重要的社会责任。 委托者是公司企业的全体股东，受托者是公司企业管理层。 双方直接沟通。 3.试述企业财务会计系统的基本目标。 满足投资者及其他财务报告使用者在决策中所需的财务信息的需求，是公司企业财务报告及财务会计系统的基本目标。具体来说，财务报告必须向其使用者提供企业财务状况、经营成果和现金流量的信息，以及描述企业管理层履行受托责任情况的信息。 4.公司企业财务会计有哪些特征？ 一般来说，公司企业财务会计具有以下几个特征： 第一，它与传统会计有紧密的继承关系。首先，表现在它继承了传统的复式记账法，即借贷记账法。其次，承袭了在历史发展中陆续形成的一些会计概念和逻辑。 第二，公司企业的财务报表的使用者主要是公司企业的外部人士，因此，财务会计又称为对外会计。 第三，公司企业财务报表的编制及财务会计对企业日常发生的交易、事项和情况的处理，都必须遵守并依照企业会计准则的有关规定执行。 5.什么是会计准则？为什么要制定会计准则？会计准则的制定为什么日益要求走向国际趋同？试述它是怎样走向国际趋同的？ 会计准则就是会计行为的标准、会计技术的规范。具体来说，会计准则是反映经济活动、确认产权关系、规范收益分配的会计技术标准，是生成和提供会计信息的重要依据。制定会计准则，有利于实现社会资源优化配置，有利于维护社会主义市场经济秩序，有利于贯彻我国的改革开放政策，有利于扩展国际经济交往。 在我国对外开放国策的指引下，我国的社会主义市场经济必然融入全球经济一体化的进程中，不可能游离于国际资本市场之外，因此会计准则国际趋同化就成为一种必然趋势。趋同是进步，是方向，需要共同努力，尽量寻求一致。但也应该考虑到我国国情，在推行、制定、我国会计准则过程中，其中对比发达国家其环境条件尚不够成熟、火候尚未到达的，就应该等候，暂缓一步，不应把趋同视为等同，简单地照抄、照搬。趋同是一个变化过程，不能急躁，有时尚需互动、沟通。 6.试述我国企业会计准则体系的结构。试述国外关于财务会计框架的含义，并联系我国的会计基本准则加以论述。
财务会计课后复习题答案
《财务会计》习题答案 目录 第一章财务会计概述 (1) 第二章货币资金 (2) 第三章应收款项 (4) 第四章存货 (9) 第五章证券投资 (14) 第六章长期股权投资 (19) 第七章固定资产 (22) 第八章无形资产 (28) 第十一章流动负债 (30) 第十二章非流动负债 (34) 第十三章所有者权益 (37) 第十四章收入、费用和利润 (39) 第十五章财务报表 (46) 第一章财务会计概述 一、单选 1.A 2.C 3.B 4.A 5.B 6.D 7.C 8.A 9.D 10.A 二、多选
1.ABCD 2.ACD 3.ABC 4.ABCD 5.AD 6.ACD 7.ABC 8.AD 9.ABCD 10.ACD 三、判断 1.× 2. × 3. × 4. × 5.√ 6. √ 7. × 8. √ 9. √ 10. × 第二章货币资金 一、单选 1.D 2.B 3.B 4.A 5.B 6.B 7.B 8.B 9.A 10.D 二、多选 1.AD 2.ABCD 3.ABC 4.BD 5.BD 6.ABCD 7.BC 8.ABD 9.BD 10.ABC 三、判断 1. √ 2. × 3. × 4. √ 5. × 6. √ 7. × 8. √ 9. √ 10. × 四、业务题 1. 3月10日 借：其他货币资金——外埠存款 12,000 贷：银行存款 12,000 3月15日 借：物资采购 8,500 应交税费——应交增值税（进项税额） 1,445 贷：其他货币资金——外埠存款 9,945 3月27日
借：银行存款 2,055 贷：其他货币资金——外埠存款 2,055 2. 收到本票时 借：其他货币资金——银行本票 22,000 贷：银行存款 22,000 借：其他货币资金——银行本票 10,000 贷：银行存款 10,000 支付时 借：物资采购 18,803.42 应交税费——应交增值税（进项税额） 3,196.58 贷：其他货币资金——银行汇票 22,000 收到退回本票 借：银行存款 10,000 贷：其他货币资金——银行本票 10,000 3. 取得银行汇票 借：其他货币资金——银行汇票 90,000 贷：银行存款 90,000 办理支付 借：物资采购 70,000 应交税费——应交增值税（进项税额） 11,900 贷：其他货币资金——银行汇票 81,900 余款转回 借：银行存款 8,100 贷：其他货币资金——银行汇票 8,100
财务会计学第三》考前练习题 )
2017年11月《财务会计学（第三版）》考前练习题 一、名词解释 1、资产 附：参考答案 是指企业过去的交易或者事项形成的、由企业拥有或者控制的、预期会给企业带来经济利益的资源。 2、摊余成本 附：参考答案 是指该金融资产或金融负债的初始确认金额经下列调整后的结果： （1）扣除已偿还的本金； （2）加上或减去采用实际利率法将该初始确认金额与到期金额之间的差额进行摊销形成的累计摊销额； （3）扣除已发生的减值损失。 3、未达账项 附：参考答案 是指企业和银行之间，由于收、付款结算凭证的传递和双方入账时间的不同，一方已入了账而另一方却因不能及时收到有关的结算凭证，暂时还不能入账的款项。 4、历史成本 附：参考答案 又称为实际成本。就是取得或制造某项财产物资时所实际支付的现金或者其他等价物。 5、双倍余额递减法 附：参考答案 是指在不考虑固定资产预计净残值的情况下，根据每期期初固定资产原价减去累计折旧后的余额和双倍的直线法折旧率计算固定资产折旧的一种方法。 6、实地盘存制 附：参考答案 又称定期盘存制，是一种通过对期末库存存货的实物盘点，确定期末存货和当期销货成本的方法。 7、公允价值 附：参考答案 是指在公平交易中，熟悉情况的交易双方自愿进行资产交换或者债务清偿的金额。8、流动负债 附：参考答案 是期限在1年或超过1年的一个营业周期内的债务。主要包括短期借款、应付票据、应付账款、预收账款、应付职工薪酬、应交税费、应付利息、应付股利、其他应付款等。9、专门借款 附：参考答案 是指为购建或者生产符合资本化条件的资产而专门借入的款项。专门借款应当有明确的用途，即为购建或者生产某项符合资本化条件的资产而专门借入的款项，通常应当有标明专门用途的借款合同。 10、或有负债
财务会计课后习题答案
第二章货币资金与应收款项1．（1）2007年2月出售商品时： 借：应收账款585000 贷：主营业务收入500000 应交税费——应交增值税（销项税额）85 000 （2）3月1日收到商业汇票： 借：应收票据585000 贷：应收账款585000 （3）5月5 日某企业向银行申请贴现时： 票据到期价值=585 000 （元） 贴现息=585 000×9％×119÷365=17165.34 （元） 贴现所得金额=585 000-17165.34=567834.66 （元） 借：银行存款567834.66 短期借款——利息调整17165.34 贷：短期借款——成本585 000 计算实际利率（单利）=17165.34÷567834.66÷119× 365=9.272% 或：借：银行存款567834.66 财务费用17165.34 贷：短期借款585 000 （4）5月底确认贴现利息： 567834.66×9.272％×26/365= 3750.38（元） 借：财务费用3750.38 贷：短期借款——利息调整3750.38 （5）6月底确认贴现利息： 567834.66×9.272％×30/365=x（元） 借：财务费用x 贷：短期借款——利息调整x (6)7月底确认贴现利息： (571585.04+4355.95)×9.272％×31/365=4535.45 （元） 借：财务费用4535.45 贷：短期借款——利息调整4535.45 (7) 8月底确认贴现利息： (575940.99+4535.45)×9.272％×31/365=4571.16（元）但考虑到尾差，8月应确认利息 =17165.34-3750.38-4355.95-4535.45=4523.56（元）借：财务费用4523.56 贷：短期借款——利息调整4523.56 (8) 9月3日，付款单位无力支付： 借：应收账款585000 贷：应收票据585000 借：短期借款585000 贷：银行存款585000 2．（1）第一年年应计提的坏账准备为：1 000000×5‰=5 000（元） 借：资产减值损失 5 000 贷：坏账准备 5 000 （2）第二年计提坏账准备前“坏账准备”科目的余额为5 000（元） 应补提坏账准备：2 500000× 5‰-5000=7 500（元）借：资产减值损失7 500 贷：坏账准备7 500 （3）第三年6月发生坏账损失，应冲销已计提的坏账准备：借：坏账准备18000 贷：应收账款18 000 （5）第三年10月收回已核销的坏账5 000元： 借：应收账款5000 贷：坏账准备 5 000 借：银行存款 5 000 贷：应收账款 5 000 （6）第三年应计提的坏账准备为：2000000×5‰=10000（元） 计提坏账准备前“坏账准备”科目的余额为： 5000-18000+5000=-8000（元） 应补提的坏账准备为：10000 +8000=18 000（元） 借：资产减值损失18000 贷：坏账准备18000 第三章存货 1．实际成本法核算 （1）借：原材料 80000 应交税费——应交增值税（进项税额）13600 贷：银行存款 93600 （2）材料成本=150000+450+12000*（1-7%）=161610 增值税=25500+12000*7%=26340 借：在途物资 161610 应交税费——应交增值税（进项税额）26340 贷：银行存款 187950 （3）借：原材料 161610 贷：在途物资 161610 （4）借：原材料 180000 贷：应付账款 180000 （5）借：原材料180000 贷：应付账款180000 借：原材料 188950 应交税费——应交增值税（进项税额） 30800 贷：银行存款 219750 2、计划成本法 计划成本法 （1）材料的实际成本=9500+400*（1-7%）=9872 材料的计划成本=1000*10=10000 借：材料采购 9872 应交税费——应交增值税（进项税额）1643 贷：银行存款 11515 借：原材料 10000 贷：材料采购 10000 借：材料采购 128 贷：材料成本差异 128 （2）借：制造费用 1000 贷：原材料 1000 （3）材料的实际成本=22464/1.17+1000*（1-7%）=20130 材料的计划成本=2000*10=20000 借：材料采购 20130 应交税费——应交增值税（进项税额）（3264+70）=3334 贷：银行存款 23464 借：原材料 20000 贷：材料采购 20000 借：材料成本差异 130 贷：材料采购 130
【财务】财务会计学第篇课后习题答案
【关键字】财务 第10章所有者权益 教材练习题解析 1.20X?年。 提取的盈余公积金；200X10％=20(万元) 可供分配成本＝200—20=180(万元) 应支付优先股股利=5 000X6％=300(万元) 则实际支付优先股股利＝180(万元) . 未分派的优先股股利＝300—180=120(万元) 20X8年。 提取的盈余公积金=2 875X10％=287.5(万元) 可供分配成本＝2 875—287.5=2 587.5(万元) 补付20X7年优先股股利=120(万元) 20X8年优先股股利＝5 000X6％＝300(万元) 剩余可供分配成本＝2 587.5—120—300=2167.5(万元) 则普通股每股股利＝(2167.5+300)÷(30000+5 000)＝0.070 5(元) 普通股股利总额=0.070 5X30 000=2115(万元) 优先股剩余股利=0.070 5X5 000—300=52.5(万元) 优先股股利总额=120+300+52.5＝472.5(万元) 优先股每股股利=472.5÷5 000＝0.094 5(元) 2.20X6年1月1日。 公司预计支付股份应负担的费用=lOXl000X200＝2 000000(元) 不作会计处理。 20X6年12月31 H。 公司预计：支付股份：应负担的费用=2 000 000X(1—10％) =1 800 000(元) 20X6年应负担的费用=1 800000÷3=600000(元) 借：管理费用600 000 贷：资本公积——其他资本公积600 000 20X7年工2月31日。 公司预计支付股份应负担的费用=2 000 000X(1—8％)＝1 840 000(元) 20X7年累计应负担妁费用=1 840000X2／3x1 226 667(元) 20X7年应负担的费用=1 226 667—600 000=626 667(元) 借：管理费用626 667 贷：资本公积——其他资本公积626 667 20X8年12月31日。 公司实际支付股份应负担的费用昌lOXl000X(200—3—3—1) ＝1 930 000(元) 20X8年应负担的费用=1 930000-226 667＝703 333(元) 借：管理费用703 333 贷：资本公积——其他资本公积703 333 20X9年1月1日。 向职工发放股票收取价款=5X1000X(-1）＝965 000(元) 借：银行存款965 000
《预算会计》作业题及参考标准答案
《预算会计》作业题及参考答案
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《预算会计》作业题及参考答案 一、作业题 第一单元 一、单项选择题 l、预算会计的基本等式为( ) A.资产=权益 B.资产=负债+所有者权益 C.资产=负债+净权益 D.资产+支出=负债+净资产+收入 2、财政总预算会计管理体系( ) A.与政府预算体系相一致分为五级B．分为三级 C.与政府预算体系不一致分为五级D．分为三级 3、下列各项，属于财政总预算会计登记账务的原始凭证是（） A．国库报来的各种收入日报表和附表B．税务机关的缴款凭证 C. 国库经收处的收入日报表D．应缴预算收入的单位或个人的缴款书: 4、某市剧团收到上级单位通过银行拨来本月经费25000元，则应填制( ) A. 收款凭证B．付教凭证C．转账凭证D．原始凭证 5、某学校收到会计单位拨入经费500000元，并向所属单位转拨经费150000元，则该校为( ) A．主管会计单位B．二级会计单位C．基层会计单位D．报销单位 6、对会计要素按经济内容或用途所作出的科学分类称为( ) A.会计科目B．账户C．复式记账D．明细分类 7、下列错误中，能够通过试算平衡查找的是( ) A．重记经济业务B．漏记经济业务 C.借贷方向相反 D.借贷金额不等 8、会计凭证分为原始凭证和记账凭证的分类依据是( ) A.填制程序和作用B．形成来源C．用途D．填制方法 9、在借贷记账法下，下列项目应记人账户借方的是( ) A.资产的减少B．负债的减少C．负债的增加D．收入的增加 10、除各级财政总预算会计外，参与拆解各级总预算的还存有( ) A.商业企业会计 B. 税收会计 C.建设单位会计D．工业企业会计 二、判断题(判断对错) 1、财政总预算会计的核算对象包括预算外资金( ) 2、财政总预算的内容不包括对财产物资的核算( ) 3、行政单位也需要进行成本核算( ) 4、会计科目都要规定一定的名称、编号和核算内容( ) 5、财政总预算会计核算的主体是各级财政机关( ) 6、复式记账法的记账规则为：“有借必有贷，借贷必相等’( ) 7、通过试算平衡表来检查账簿，若借贷平衡，则肯定记账没有错误( ) 8、预算会计的要素分为五类，即除了不核算利润外，其余与企业会计相同( ) 9、预算会计的核算一般采用收付实现制( ) l0、预算会计的核算对象是政府预算的执行情况( ) 第二单元 一、单项选择 1、在下列会计核算的一般原则中，行政单位与企业单位会计核算不同的是( ) A. 历史的成本原则B．及时性原则C. 客观性原则D．专款专用原则
财务会计课后答案(人大版)
-- 第二章 一、思考题 1、我国的货币资金内部控制制度一般应包含的内容： (1）货币资金收支业务的全过程分工完成、各负其责 (2)货币资金收支业务的会计处理程序制度化 （3)货币资金收支业务与会计记账分开处理 (４)货币资金收入与货币资金支出分开处理 （5)内部稽核人员对货币资金实施制度化检查 2、企业可以使用现金的范围： （1）职工工资、津贴 (2)个人劳动报酬 (３)根据国家规定颁发给个人的科学技术、文化艺术、体育等各项奖金 （４)各种劳保、福利费用以及国家规定的对个人的其他支出等 (5）向个人收购农副产品和其他物资的价款 （６)出差人员必须随身携带的差旅费 银行扣减多计利息 调节后余额 2、编制会计分录 １ 714 175 045 调节后余额 ?金额 1８0 ２45 ８ 000 １3 200 1７5 045 （1）5 月 ２ 日 借:其他货币资金——外埠存款 40０ 000 贷:银行存款 400 00０ (2）5 月 8 日 借:其他货币资金——银行汇票 15 0０0 贷：银行存款 15 0００ (3）５ 月 19 日?借：原材料 30０ 0０0 应交税费——应交增值税(进项税额） 51 ０００
-- 贷:其他货币资金——外埠存款 ３１5 00０ (4）5 月20 日?借:原材料 10 000 应交税费——应交增值税(进项税额） 1 700 贷:其他货币资金——银行汇票 11 700 (5）５月２1 日借:银行存款 ４９00０ 贷:其他货币资金——外埠存款 49 000 (６)５月2２日?借：银行存款 ３３00 贷:其他货币资金——银行汇票 33０0 3、编制会计分录 （１)借：交易性金融资产——M公司股票——成本２0 000 投资收益——交易性金融资产投资收益 48０ 贷:其他货币资金——存出投资款 20 480 （2）2０0７年12 月31 日 借:交易性金融资产——Ｍ公司股票——公允价值变动4００0 贷:公允价值变动损益——交易性金融资产公允价值变动损益４00 ０ 1
-财务会计学课后答案、第五版(
最新-财务会计学课后答案、第五版（戴德明）财务会计学课后答案、第五版（戴德明） 第2xx 货币资金和应收款项 1. 银行存款余额调节表 银行存款日记账余额165974银行对账单余额180245 加：银行已收10900 加：企业已收8000 减：银行已付115 减：企业已付13200 银行多计利息1714 调节后余额175045 调节后余额175045 2. （1）借：其他货币资金-外埠存款400000 贷：银行存款400000 （2）借：其他货币资金-银行汇票存款15000 贷：银行存款15000 （3）借：原材料300000 应交税费51000 贷：其他货币资金-外埠存款351000 （4）借：原材料10000 应交税费1700 贷：其他货币资金-银行汇票存款11700 （5）借：银行存款49000 贷：其他货币资金-外埠存款49000 （6）借：银行存款3300
贷：其他货币资金-银行汇票存款3300 3. 总价法 5月3日 借：应收账款66690 贷：主营业务收入57000 应交税费9690 5 月18日 借：银行存款66023.1 财务费用666.9 贷：应收账款66690 5 月19 日120 X 100 X 0.95=11400 11400 X 0.17=1938 +1938）X 1%=133.3借8：主营业务收入 11400 应交税费1938 贷：银行存款13204.62 财务费用133.38 净价法57000X（1+17%）=66690 66690X 2%=1333.8 5 月3 日 借：应收账款65356.2 贷： 主营业务收入55666.2 应交 税费9690
预算会计习题答案(第八版)
预算会计考试时间：16周星期二晚上19；40~21；40. 地点：3-506（三教506教室）。此教室是商学院管辖的，所以教务系统上是查不到的，望各位同学互相告知，恕不另行通知，勿误。 预算会计简答题 一、简述事业单位会计的概念及特点：P30 事业单位会计是核算和监督各级各类事业单位预算执行情况及结果的专业会计，是预算会计的重要组成部分。 特点：1、收入来源多渠道。2、支出使用多用途。3、一般采用收付实现制，但经营性业务收支核算可采用权责发生制。4、事业活动与经营活动区别核算，事业结余与经营结余也分别计算。 二、简述固定资产的标准和分类P68 标准：事业单位的固定资产，必须同时具备两个条件：一是单位价值在规定标准以上：通用设备在1000元以上，专用设备在1500元以上；二是使用年限在一年以上。单位价值虽未达到规定标准，但耐用时间在一年以上的大批同类物资，也应作为固定资产进行核算管理。 分类：事业单位的固定资产按其性质和使用情况，一般分为一下六类：（一）房屋和建筑物。（二）专用设备。（三）通用设备，是指事业单位用于业务工作的通用性设备。（四）文物和列品。（五）图书。（六）其他固定资产：如家具、用具、装具和动物植物。 三、财政补助收入的概念及管理要求P116 财政补助收入是指事业单位按照核定的部门预算和经费申报关系，直接从财政部门或主管部门取得的各类事业经费。 其管理要求如下： 1、按部门预算和用款计划申请取得财政补助收入 2、按规定的用途申请取得和使用财政补助收入 3、事业单位的各项事业收入全部纳入单位预算，实现统一核算，统筹安排。
四、简述事业支出的概念及管理要求。P139、P147 事业支出是事业单位开展各项专业业务活动及其辅助活动发生的基本支出和项目支出。 管理要求：1、严格按照部门预算规定的用途和数额使用。 2、保证基本支出的需要。 3、严格项目支出的管理。 4、实行综合预算管理方法。 5、划清事业支出与经营支出的界线。 五、简述事业单位应缴国库款和应缴财政专户款的概念，为什么会产生应缴国库 款和应缴财政专户款？P100、101 应缴国库款是指事业单位按规定应缴入国库的款项（应缴税费除外）。 我国预算资金实行收缴分离的管理办法，即预算资金实行国库统一收付。预算资金直接缴入国库，财政专户管理的资金直接缴入财政专户。但有时，事业单位预算资金收取和上缴之间存在时间差，因此产生了应缴国库负债义务或责任。 应缴财政专户款是指事业单位按规定应缴入财政专户的款项。 事业单位应设置“应缴财政专户款”，核算按规定应缴入财政专户的款项。 六、简述预算会计的概念及其几个方面的含义。P4 预算会计是以预算管理为中心，对各级政府预算和行政事业单位预算的执行情况进行连续、系统核算和监督的一门专业会计。 包括几个方面的含义： 1、预算会计以预算管理为中心，为预算管理服务，是国家预算管理的总要组成部分。 2、预算会计的主体是各级政府、行政单位和各类事业单位。 3、预算会计的客体或者对象，是财政资金、单位预算资金的运动过程及其结果。 4、预算会计是以会计学原理为基础的一门专业会计，同其他会计一样都是以货币为主要计量单位，采用一系列专门的会计方法。
中级财务会计课后习题答案.docx
习题二 1．借：工程物资 5 800 000 贷：银行存款 5 800 000 借：在建工程——新车间工程 5 800 000 贷：工程物资 5 800 000 2．借：在建工程——新车间工程 585 000 贷：主营业务收入 500 000 应交税费——应交增值税（销项税额）85 000 3．借：在建工程——新车间工程 800 000 贷：应付职工薪酬 800 000 4．借：在建工程——新车间工程 130 000 贷：银行存款 130 000 5．借：在建工程——新车间工程 280 000 贷：应付利息 280 000 6．借：固定资产 7 595 000 贷：在建工程——新车间工程 7 595 000 7．借：在建工程——扩建工程 800 000 贷：银行存款 800 000 8．借：在建工程——扩建工程 1 200 000 贷：银行存款 1 200 000 第七章 习题一 1．借：无形资产——专利权 160 000 贷：银行存款 160 000 借：管理费用——无形资产摊销 20 000 贷：累计摊销 20 000 2．借：无形资产——商标权 180 000 贷：银行存款 180 000
借：管理费用——无形资产摊销 30 000 贷：累计摊销 30 000 3．借：无形资产——商标权 500 000 贷：实收资本 500 000 借：管理费用——无形资产摊销 50 000 贷：累计摊销 50 000 习题二 1．借：无形资产 3 000 000 贷：银行存款 3 000 000 2.该无形资产月摊销额25 000元，年摊销额300 000元。 20×6年12月31日该无形资产由于已使用5年另1个月，共摊销其价值1 525 000万元，其账面价值为1 475 000元。 3. 20×8年3月31日，该无形资产累计摊销金额为：（6×12+4）×25 000=1 900 000（元）该无形资产账面余额为300万元。账面价值为110万元。 4. 应交营业税=1 300 000×5%=65 000（元） 出售无形资产的净损益=130-110-6.5=13.5（万元） 5. 借：银行存款 1 300 000 累计摊销 1 900 000 贷：无形资产 3 000 000 应交税费——应交营业税 65 000 营业外收入——处置非流动资产利得 135 000 第八章 习题一 1．总价法 借：原材料 80 000 应交税费——应交增值税（进项税额）13 600 贷：应付账款 93 600
预算会计课后练习题——行政单位概要
预算会计课后练习题 一，行政单位资产的核算 习题一：资料某行政单位发生如下经济业务： 1、开出现金支票，从银行提取现金800元备用； 借：现金800 贷：银行存款800 2、购买办公用品一批，价款780元，通过银行转账支付； 借：经费支出780 贷：银行存款780 3、认购国库券50000元，开出转账支票，取得等值的国库券。借：有价证劵50000 贷：银行存款50000 4、李华出差归来，报销差旅费1250元，原借差旅费1500元，余 款当即交回。 借：现金250 经费支出1250 贷：暂付款——李华1500 5、到期兑现国库券本金5000元，利息500元。 借：银行存款5500 贷：有价证劵5000 其他收入500 6、从甲城购买办公材料A材料500千克，价格1000元；B材料
400千克，价格1200元，材料已验收入库，通过银行转账支付 材料款共计2200元及运费380元 借: 库存材料——A 1000 ——B 1200 贷：银行存款2200 借：经费支出380 贷：银行存款380 7、盘盈A材料10千克，计20元；盘亏B材料20千克，计60元， 经查明，盘亏B材料全部是仓管员吴明的责任，应由其赔偿。（1）材料A盘盈时：借：库存材料20 贷：经费支出20 （2）材料B盘亏时：借：暂付款60 贷：库存材料60 8、建设部门将竣工的办公楼1栋办理交接手续，行政单位凭固定 资产交接清册及相关单证入账，造价1800000元。 借：经费支出1800000 贷：银行存款1800000 同时，借：固定资产——房屋及建筑物1800000 贷：固定基金1800000 9、经上级主管部门批准，购入电脑30台，每台购价10000，合计 300000元，已验收并交付使用。 借：经费支出300000
财务会计习题及答案(一)
一、单项选择题 1.企业对于重要的前期差错，应采用追溯重述法更正，这体现的是（）要求。 A．可比性 B．重要性 C．客观性 D．明晰性 2.下列说法中，能够保证同一企业会计信息前后各期可比的是（）。 A．为了提高会计信息质量，要求企业所提供的会计信息能够在同一会计期间不同企业之间进行相互比较 B．存货的计价方法一经确定，不得随意改变，如需变更，应在财务报告中说明 C．对于已经发生的交易或事项，应当及时进行会计确认、计量和报告 D．对期末存货采用成本与可变现净值孰低法计价 3.下列对会计基本假设的表述中恰当的是（）。 A．持续经营和会计分期确定了会计核算的空间范围 B．一个会计主体必然是一个法律主体 C．货币计量为确认、计量和报告提供了必要的手段 D．会计主体确立了会计核算的时间范围 4.当期与以前期间、以后期间的差别，权责发生制和收付实现制的区别的出现，都是基于（）的基本假设。 A.会计主体 B.持续经营 C.会计分期 D.货币计量 5.企业将融资租入固定资产按自有固定资产的折旧方法计提折旧，遵循的是（）要求。 A.谨慎性 B.实质重于形式 C.可比性
D.重要性 6.依据企业会计准则的规定，下列有关收入和利得的表述中，正确的是（）。 A.收入源于日常活动，利得也可能源于日常活动 B.收入会影响利润，利得也一定会影响利润 C.收入源于日常活动，利得源于非日常活动 D.收入会导致所有者权益的增加，利得不一定会导致所有者权益的增加 7.下列计价方法中，不符合历史成本计量基础的是（）。 A.发出存货计价所使用的先进先出法 B.可供出售金融资产期末采用公允价值计价 C.固定资产计提折旧 D.发出存货计价所使用的移动平均法 8.资产按照预计从其持续使用和最终处置中所产生的未来净现金流入量的折现金额计量，其会计计量属性是（）。 A.历史成本 B.可变现净值 C.现值 D.公允价值 9.强调不同企业会计信息可比的会计信息质量要求是（）。 A．可靠性 B．可理解性 C．可比性 D．及时性 10.下列各项会计处理中，符合会计信息质量特征中实质重于形式要求的是（）。 A．对于变成亏损合同的待执行合同按照或有事项进行核算 B．将融资租入的固定资产比照自有资产进行核算 C．将预期不能为企业带来经济利益的无形资产按其账面价值转为营业外支出 D.附有退货条款但不能确定退货可能性的商品销售在退货期满时确认收入 11.下列有关会计主体的表述不正确的是（）。
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