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Intermediate Accounting 题库

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Appendix A - Derivatives

AppA-1 Appendix A Derivatives

Questions

A-1 Reflective thinking

A-2 Reflective thinking

A-3 Analytic

A-4 Reflective thinking

A-5 Reflective thinking

A-6 Reflective thinking

A-7 Reflective thinking

Exercises

A-1 Reflective thinking

A-2 Analytic

A-3 Analytic

A-4 Analytic

A-5 Analytic

A-6 Analytic

Problems

A-1 Analytic

A-2 Analytic, Communications

A-3 Analytic

Cases

A-1

A-2

A-3

A-4 Appendix A - Derivatives

AppA-2 QUESTIONS FOR REVIEW OF KEY TOPICS

Question A-1

These instruments “derive” their values or contractually required cash flows from some other

security or index.

Question A-2

The FASB has taken the position that the income effects of the hedge instrument and the

income effects of the item being hedged should be recognized at the same time.

Question A-3

If interest rates change, the change in the debt’s fair value will be less than the change in the

swap’s fair value. The gain or loss on the $500,000 notional difference will not be offset by a

corresponding loss or gain on debt. Any increase or decrease in income resulting from a hedging

arrangement would be a result of hedge ineffectiveness such as this.

Question A-4

A futures contract is an agreement between a seller and a buyer that calls for the seller to

deliver a certain commodity (such as wheat, silver, or Treasury bond) at a specific future date, at a

predetermined price. Such contracts are actively traded on regulated futures exchanges. If the

“commodity” is a financial instrument, such as a Treasury bill, commercial paper, or a CD, the

contract is called a financial futures agreement.

Question A-5

An interest rate swap exchanges fixed interest payments for floating rate payments, or vice

versa, without exchanging the underlying notional amount.

Question A-6

All derivatives, without exception, are reported on the balance sheet as either assets or

liabilities at fair (or market) value. The rationale is that (a) derivatives create either rights or

obligations that meet the FASB’s definition of assets or liabilities and (b) fair value is the most

meaningful measurement.

Question A-7

A gain or loss from a cash flow hedge is deferred as other comprehensive income until it can be

recognized in earnings along with the earnings effect of the item being hedged. Appendix A - Derivatives

AppA-3 EXERCISES

Exercise A-1

Indicate (by abbreviation) the type of hedge each activity described below would

represent.

Hedge Type

FV Fair value hedge

CF Cash flow hedge

FC Foreign currency hedge

N Would not qualify as a hedge

Activity

FV 1.An options contract to hedge possible future price changes of inventory.

CF 2.A futures contract to hedge exposure to interest rate changes prior to

replacing bank notes when they mature.

CF 3.An interest rate swap to synthetically convert floating rate debt into fixed

rate debt.

FV 4.An interest rate swap to synthetically convert fixed rate debt into floating

rate debt.

FV 5.A futures contract to hedge possible future price changes of timber

covered by a firm commitment to sell.

CF 6.A futures contract to hedge possible future price changes of a forecasted

sale of tin.

FC 7.ExxonMobil’s net investment in a Kuwait oil field.

CF 8.An interest rate swap to synthetically convert floating rate interest on a

stock investment into fixed rate interest.

N 9.An interest rate swap to synthetically convert fixed rate interest on a

held-to-maturity debt investment into floating rate interest.

CF 10.An interest rate swap to synthetically convert floating rate interest on a

held-to-maturity debt investment into fixed rate interest.

FV 11.An interest rate swap to synthetically convert fixed rate interest on a

stock investment into floating rate interest. Appendix A - Derivatives

AppA-4 Exercise A-2

Requirement 1

January 1 March 31 June 30

Fair value of interest rate swap 0 $6,472 $11,394

Fair value of note payable $200,000 $206,472 $211,394

Fixed rate 10% 10% 10%

Floating rate 10% 8% 6%

Fixed interest receipts $5,000 $5,000

Floating payments 4,000 3,000

Net interest receipts (payments) $1,000 $2,000 Appendix A - Derivatives

AppA-5 Exercise A-2 (concluded)

Requirement 2

January 1

Cash 200,000

Notes payable 200,000

To record the issuance of the note

March 31

Interest expense ([10% x ¼] x $200,000) 5,000

Cash 5,000

To record interest

Cash ($5,000 – ([8% x ¼] x $200,000)) 1,000

Interest expense 1,000

To record the net cash settlement

Interest rate swap [asset] ($6,472 – 0) 6,472

Holding gain – interest rate swap 6,472

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中级会计良善押题

中级会计良善押题

中级会计良善押题

英文文档：

Intermediate Accounting Good Guessing Questions

1.What is the primary purpose of adjusting entries at the end of an

accounting period?

A) To ensure that the financial statements comply with Generally

Accepted Accounting Principles (GAAP).

B) To estimate revenue or expenses that have been earned or

incurred but not yet recorded.

C) To calculate the net income for the current period.

D) To balance the accounting equation.

2.Which of the following statements is true regarding the matching

principle in accounting?

A) Expenses should be recognized when they are incurred, regardless

of when the related revenue is recognized.

B) Revenue should be recognized when it is earned, regardless of

when the related expenses are recognized.

C) Expenses should be recognized in the same period as the related

Intermediate Accounting教科书上习题答案 (by J David Spiceland)

Intermediate Accounting教科书上习题答案 (by J David Spiceland)

Chapter 7 Cash and Receivables

QUESTIONS FOR REVIEW OF KEY TOPICS

AACSB assurance of learning standards in accounting and business education require

documentation of outcomes assessment. Although schools, departments, and faculty may approach

assessment and its documentation differently, one approach is to provide specific questions on

exams that become the basis for assessment. To aid faculty in this endeavor, we have labeled each

question, exercise and problem in Intermediate Accounting, 6e with the following AACSB learning

skills:

Questions AACSB Tags Exercises (cont.) AACSB Tags

7-1 Reflective thinking 7-11 Analytic

7-2 Reflective thinking 7-12 Analytic

7-3 Reflective thinking 7-13 Analytic

7-4 Reflective thinking, Communications 7-14 Analytic

7-5 Diversity, Reflective thinking 7-15 Analytic

Intermediate Accounting 题库Chap013

Intermediate Accounting 题库Chap013

Chapter 13 - Current Liabilities and Contingencies

13-1 Chapter 13 Current Liabilities and Contingencies

QUESTIONS FOR REVIEW OF KEY TOPICS

Question 13-1

A liability entails the present, the future, and the past. It is a present responsibility, to sacrifice

assets in the future, caused by a transaction or other event that already has happened. Specifically,

―Elements of Financial Statements,‖ Statement of Financial Accounting Concepts No. 6, par. 36,

describes three essential characteristics: Liabilities–

1. are probable, future sacrifices of economic benefits

2. that arise from present obligations (to transfer goods or provide services) to other entities

3. that result from past transactions or events.

Question 13-2

Liabilities traditionally are classified as either current liabilities or long-term liabilities in a

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Copyright © 2010 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 13/e, Solutions Manual (For Instructor Use Only)20-1CHAPTER 20Accounting for Pensions and Postretirement BenefitsASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)TopicsQuestionsBriefExercisesExercisesProblemsConceptsfor Analysis1.Basic definitions andconcepts related topension plans.1, 2, 3, 4,5, 6, 7,8, 9, 12,24, 30161, 2, 3, 4,5, 72.Worksheet preparation.33, 4, 7, 10,14, 15, 181, 2, 4, 7, 8, 9,10, 11, 123.Income statementrecognition, computationof pension expense.9, 10, 11,13, 16, 171, 2, 41, 2, 3, 6,11, 13, 14,15, 16,17, 181, 2, 3, 4, 5,6, 9, 11, 124, 54.Balance sheet recognition,computation of pensionexpense.15, 19, 20,22, 236, 103, 9, 11, 12,13, 141, 2, 3, 4,5, 6, 7, 8,9, 11, 122, 5, 75.Corridor calculation.1878, 13, 14,16, 17, 182, 3, 5, 6, 7,8, 11, 123, 4, 5, 66.Prior service cost.12, 13, 205, 6, 81, 2, 3, 5,9, 11, 12,13, 141, 2, 3, 4,6, 7, 8, 9,11, 121, 47.Gains and losses.14, 17,21, 227, 98, 9, 13, 14,16, 171, 2, 3, 4, 5, 6,7, 8, 9, 11, 124, 5, 68.Disclosure issues.23109, 11, 1211, 123, 49.Special Issues.25*10.Postretirement benefits.30, 31,32, 3311, 1219, 20, 21,22, 23, 2413, 14*This material is dealt with in an Appendix to the chapter. 20-2Copyright © 2010 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 13/e, Solutions Manual (For Instructor Use Only)ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE)Learning Objectives BriefExercisesExercisesProblems1.Distinguish between accounting for theemployer’s pension plan and accountingfor the pension fund.2.Identify types of pension plans and theircharacteristics.3.Explain alternative measures for valuing thepension obligation.4.List the components of pension expense.1, 2, 41, 2, 6, 11,12, 13, e a worksheet for employer’s pension planentries.33, 4, 7, 10,11, 14, 181, 2, 4, 7,8, 9, 10,11, 126.Describe the amortization of prior service costs.51, 2, 5, 7,12, 131, 2, 3, 4,6, 7, 8, 9,10, 11, 127.Explain the accounting for unexpected gains andlosses.12, 131, 2, 3, 4,5, 6, 7, 8, 9,10, 11, 128.Explain the corridor approach to amortizing gainsand losses.78, 12, 13,16, 17, 183, 4, 5, 6,8, 11, 129.Describe the requirements for reporting pensionplans in financial statements.6, 8, 9, 109, 11,12, 131, 2, 3, 4,8, 11, 12*10.Identify the differences between pensions andpostretirement healthcare benefits.11, 1219, 20, 21,22, 23, 2413, 14*11.Contrast accounting for pensions to accountingfor other postretirement benefits.11, 1219, 20, 21,22, 23, 2413, 14 Copyright © 2010 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 13/e, Solutions Manual (For Instructor Use Only)20-3ASSIGNMENT CHARACTERISTICS TABLEItemDescriptionLevel ofDifficultyTime(minutes)E20-1Pension expense, journal entries.Simple 5–10E20-2Computation of pension expense.Simple10–15E20-3Preparation of pension worksheet.Moderate15–25E20-4Basic pension worksheet.Simple10–15E20-5Application of years-of-service method.Moderate15–25E20-6Computation of actual return.Simple10–15E20-7Basic pension worksheet.Moderate15–25E20-8Application of the corridor approach.Moderate20–25E20-9Disclosures: Pension expense and other comprehensive income.Moderate25–35E20-10Pension worksheet.Moderate20–25E20-11Pension expense, journal entries, statement presentation.Moderate20–30E20-12Pension expense, journal entries, statement presentation.Moderate20–30E20-13Computation of actual return, gains and losses, corridor test, andpension plex35–45E20-14Worksheet for plex40–50E20-15Pension expense, journal entries.Moderate15–20E20-16Amortization of accumulated OCI (G/L), corridor approach,pension expense computation.Moderate25–35E20-17Amortization of accumulated OCI balances.Moderate30–40E20-18Pension worksheet—missing amounts.Moderate20–25*E20-19Postretirement benefit expense computation.Moderate 5–10*E20-20Postretirement benefit worksheet.Moderate25–30*E20-21Postretirement benefit expense computation.Simple10–12*E20-22Postretirement benefit expense computation.Simple10–12*E20-23Postretirement benefit worksheet.Moderate15–20*E20-24Postretirement benefit worksheet—missing amounts.Moderate25–30P20-12-year worksheet.Moderate40–50P20-23-year worksheet, journal entries, and plex45–55P20-3Pension expense, journal entries, amortization of plex40–50P20-4Pension expense, journal entries for 2 years.Moderate30–40P20-5Computation of pension expense, amortization of net gain orloss-corridor approach, journal entries for 3 plex45–55P20-6Computation of prior service cost amortization, pensionexpense, journal entries, and net gain or plex45–60P20-7Pension worksheet.Moderate35–45P20-8Comprehensive 2-year plex45–60P20-9Comprehensive 2-year worksheet.Moderate40–45P20-10Pension worksheet—missing amounts.Moderate25–30P20-11Pension worksheet.Moderate35–45P20-12Pension worksheet.Moderate35–45*P20-13Postretirement benefit worksheet.Moderate30–35*P20-14Postretirement benefit worksheet—2 years.Moderate40–45