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to accompany
Applying International
Accounting Standards
by
Alfredson, Leo, Picker, Pacter & Radford
Prepared by
Victoria Wise
-2-
Question 2
All of the following would be regarded as financial instruments except:
A
B
C
D
bank overdraft;
notes payable;
cash;
equipment.
Question 3
According to IAS 32 Financial Instruments: Disclosure and Presentation, which of the
following items would be regarded as a financial liability?
A
B
C
D
Question 4
All of the following are regarded as financial instruments:
I.
II.
III.
IV.
V.
-3A
B
C
D
Question 5
The following events provide objective evidence that a financial asset has been impaired:
I.
II.
III.
IV.
A
B
C
D
Question 6
IAS 39 Financial Instruments: Recognition and Measurement, requires that Held-to-maturity
investment be initially measured at:
A
B
C
D
fair value;
fair value plus transaction costs;
discounted future cash outflows;
discounted future net cash flows.
Question 7
The formal documentation of a hedging relationship must include identification of:
The hedging instrument
The hedged item
The nature of the risk being hedged
How the entity will assess hedge effectiveness
A
B
C
D
I
II
No No
No Yes
No Yes
Yes No
I;
II;
III;
IV.
III IV
Yes Yes
Yes No
Yes Yes
Yes No
-4-
Question 8
To be regarded as highly effective in achieving offsetting changes in fair value or cash flows,
actual hedge results must be in the range:
A
B
C
D
70% - 100%;
80% - 125%;
90% - 100%;
20% - 50%.
Question 9
Whitnall Limited lost $150 on a hedging and had a corresponding gain on the hedged item of
$100. The effectiveness range for these associated transactions is:
A
B
C
D
100% - 150%;
20% - 30%;
0% - 15%;
66% - 150%.
Question 10
The degree to which changes in the fair value or cash flows of a hedge item that are attributable
to a hedge risk are offset by the changes in the fair value or cash flows of a hedging instrument,
describes:
A
B
C
D
transaction exposure;
hedge ineffectiveness;
hedge effectiveness;
transaction variability.
Question 11
When accounting for a cash flow hedge, IAS 39 Financial Instruments: Recognition and
Measurement, requires that hedge ineffectiveness is:
A
B
C
D
-5-
Question 12
Under IAS 39 Financial Instruments: Recognition and Measurement, when a fair value hedge
instrument expires it:
A
B
C
D
-6-
ANSWERS
1
10
11
12