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Question-Keller Graduate School of Management AC555ON Financial 7 PassMaster

 

 

CPA-00928 Type1 M/C A-D Corr Ans: A PM#1 F 7-01

 

 

 

1. CPA-00928 FARE R03 #4 Page 5

 

 

 

On November 2, 2001, Platt Co. entered into a 90-day futures contract to purchase 50,000 Swiss francs

 

when the contract quote was $.70. The purchase was for speculation in price movement. The following

 

exchange rates existed during the contract period:

 

 

 

30-day futures Spot rate
November 2, 2001 $0.62 $0.63
December 31, 2001 0.65 0.64
January 30, 2002 0.65 0.68

 

 

 

 

 

What amount should Platt report as foreign currency exchange loss in its income statement for the year

 

ended December 31, 2001?

 

 

 

CPA-00930 Type1 M/C A-D Corr Ans: D PM#3 F 7-01

 

 

 

2. CPA-00930 FARE C98 #1 Page 3

 

 

 

Fair value disclosure of financial instruments may be made in the:

 

CPA-00931 Type1 M/C A-D Corr Ans: B PM#4 F 7-01

 

 

 

3. CPA-00931 FARE C98 #2 Page 3

 

 

 

Disclosures about the following kinds of risks are required for most financial instruments.

 

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Graduate School of Management was first posted on September 25, 2019 at 1:43 pm.
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