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Course 171032- Accounting For Derivatives and Hedging
  Final Exam
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171032v - Accounting For Derivatives and Hedging

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4 CPE Credit Hours

Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. A derivative must contain which attributes?
2. Derivatives can be either on the balance sheet or off the balance sheet. They include
3. Which of the following is the risk that arises from the possibility that future changes in market prices may make a financial instrument less valuable or more onerous?
4. Which of the following risks is(are) inherent in an interest-rate swap agreement: I) The risk of exchanging a lower interest rate for a higher interest rate; or II) The risk of nonperformance by the counterparty to the Agreement.
5. The FASB's definition of derivatives excludes:
6. A company enters into derivative contracts for ___________ purposes.
7. The accounting for fair value hedges records the derivative at its
8. All of the following statements regarding accounting for derivatives are correct EXCEPT that
9. An option to convert a convertible bond into shares of common stock is a(n)
10. Disclosure of information about significant concentrations of credit risk is required for
11. Gains or losses on cash flow hedges are
12. To the extent the hedge is effective, a loss arising from the decrease in fair value of a derivative is included in current earnings if the derivative qualifies and is designated as a
13. Which of the following transactions may NOT be eligible for cash flow hedge treatment?
14. Under IFRS, companies record unrealized holding gains or losses on cash flow hedges as:
15. All of the following are requirements for disclosures related to financial instruments EXCEPT
16. For a hedging relationship to qualify as “highly effective,” the change in fair value or cash flows of the hedge must fall between _________ and ____________ of the opposite change in fair value or cash flows of the exposure that is hedged.
17. A highly-effective hedge of an existing asset or liability that is reported on the balance sheet would be recorded using
18. A fair value hedge differs from a cash flow hedge because a fair value hedge
19. When a cash flow hedge is appropriate, the effective portion of the gain or loss on the derivative is
20. When preparing their year-end financial statements, the Warner Company includes a footnote regarding their hedging activities during the year. Which of the following is NOT required to be disclosed?
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