Question 1: Art of the Americas
September 27, 2019
iHuman case studies
September 27, 2019

CPA-00933 Type1 M/C A-D Corr Ans: B PM#5 F 7-01

 

 

 

4. CPA-00933 FARE C98 #3 Page 3

 

 

 

Which of the following assets are financial instruments?

 

 

 

CPA-00934 Type1 M/C A-D Corr Ans: D PM#6 F 7-01

 

 

 

5. CPA-00934 FARE C98 #4 Page 3

 

 

 

Which of the following must be disclosed for most financial instruments?

 

 

 

CPA-00936 Type1 M/C A-D Corr Ans: A PM#7 F 7-01

 

 

 

6. CPA-00936 FARE C98 #5 Page 4

 

 

 

In order for a financial instrument to be a derivative for accounting purposes, the financial instrument

 

must:

 

I. Have one or more underlyings.

 

II. Require an initial net investment.

 

 

 

 

 

CPA-00938 Type1 M/C A-D Corr Ans: C PM#8 F 7-01

 

 

 

7. CPA-00938 FARE C98 #6 Page 4

 

 

 

The determination of the value or settlement amount of a derivative involves a calculation which uses:

 

 

 

I. An underlying.

 

II. A notional amount.

 

 

 

CPA-00941 Type1 M/C A-D Corr Ans: B PM#9 F 7-01

 

 

 

8. CPA-00941 FARE C98 #7 Page 6

 

 

 

On December 31, 199X, the end of its fiscal year, Smarti Company held a derivative instrument which it

 

had acquired for speculative purposes during November, 199X. Since its acquisition the fair value of the

 

derivative had increased materially. On December 31, how should the increase in fair value of the

 

derivative instrument be reported by Smarti in its financial statements?

 

 

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