QuestionsSolutionsCARE2002EN

QuestionsSolutionsCARE2002EN - CARE Chartered Accountant...

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. . . . . . . . . . CARE Chartered Accountant Reciprocity Examination 2002 The Institutes of Chartered Accountants in Canada and Bermuda . . . . . . . . . . Questions and Approaches to Solutions
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Table of Contents Page Summary of Results for 2002, 2001 and 2000 .......... ……………………………………2 2002 Chartered Accountant Reciprocity Examination Day1 …………………………………………………………………………….3 Day2…………………………………………………………………………….24 Approaches to Solutions Introduction…………………………………………………………………….41 Day 1 ………………………………………………………………………….42 Day 2 ………………………………………………………………………….60
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2 Chartered Accountant Reciprocity Examination Summary of Results 2002 2001 2000 Institute Number of Writers % Pass Number of Writers % Pass Number of Writers % Pass British Columbia 14 86 16 94 8 100 Alberta 4 100 4 100 1 100 Saskatchewan 1 100 - - - - Ontario 61 79 47 72 38 71 Quebec 1 - 1 - 2 50 New Brunswick - - 1 100 - - Nova Scotia 1 100 - - - - Total 82 80 69 78 49 76
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3 THE INSTITUTES/ORDRE OF CHARTERED ACCOUNTANTS IN CANADA CA RECIPROCITY EXAMINATION DAY ONE – 2002 ______________________________________________________________________________ (100 marks) (3 hours) NOTES TO CANDIDATES: 1. There are 14 questions and 21 pages in this examination (including the cover page and answer sheet for question 1). 2. Do not write your name on your examination envelope or answer papers. Use your candidate number only. 3. To assist in budgeting time during the examination, the number of minutes available for each question (calculated at approximately 1.8 minutes per mark) is shown at the beginning of each question. 4. Answers or parts of answers to examination questions will not be marked if they are recorded on the question paper. 5. Ensure that the answer sheet for question 1 , attached as the last page of this examination, is detached and submitted with your other answer papers in the examination envelope provided. 6. It is recommended that you write your responses in ink and write on every other line. 7. Two tables are attached to the examination paper. No other reference sources are allowed. ***********
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4 Question 1 (8 marks) (14 minutes) This question consists of 4 parts worth 2 marks each. Select the best answer for each part. Indicate your answer by marking an "X" in the appropriate space on the separate answer sheet attached as the last page of the examination. If more than one answer is given for a part, that part will not be marked. Marks will not be deducted for wrong answers. Explanations given will not be taken into account. When you have completed your answer sheet, detach it and submit it along with your other answer papers. (i) Hedge Accounting Hedge accounting is a method of accounting that recognizes the gains, losses, revenues and expenses in a hedging relationship in the same period. For example, if ABC Company incurs a foreign currency denominated liability on December 1, 2002 for $1,000 USD due in sixty days
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