问答题In isosceles triangle ABC what is the value of∠C?　　(1) The measure of∠B is 47.　　(2) The measure of∠A is 96.

正确答案：C

正确答案：
(b) The main disagreement over a shift to fair value measurement is the debate over relevance versus reliability. It is argued that
historical cost financial statements are not relevant because they do not provide information about current exchange values
for the entity’s assets which to some extent determine the value of the shares of the entity. However, the information provided
by fair values may be unreliable because it may not be based on arm’s-length transactions. Proponents of fair value
accounting argue that this measurement is more relevant to decision makers even if it is less reliable and would produce
balance sheets that are more representative of a company’s value. However it can be argued that relevant information that is
unreliable is of no use to an investor. One advantage of historical cost financial information is that it produces earnings
numbers that are not based on appraisals or other valuation techniques. Therefore, the income statement is less likely to be
subject to manipulation by management. In addition, historical cost balance sheet figures comprise actual purchase prices,
not estimates of current values that can be altered to improve various financial ratios. Because historical cost statements rely
less on estimates and more on ‘hard’ numbers, it can be said that historical cost financial statements are more reliable than
fair value financial statements. Furthermore, fair value measurements may be less reliable than historical costs measures
because fair value accounting provides management with the opportunity to manipulate the reported profit for the period.
Developing reliable methods of measuring fair value so that investors trust the information reported in financial statements is
critical.
Fair value measurement could be said to be more relevant than historical cost as it is based on market values and not entity
specific measurement on initial recognition, so long as fair values can be reliably measured. Generally the fair value of the
consideration given or received (effectively historical cost) also represents the fair value of the item at the date of initial
recognition. However there are many cases where significant differences between historical cost and fair value can arise on
initial recognition.
Historical cost does not purport to measure the value received. It cannot be assumed that the price paid can be recovered in
the market place. Hence the need for some additional measure of recoverable value and impairment testing of assets.
Historical cost can be an entity specific measurement. The recorded historical cost can be lower or higher than its fair value.
For example the valuation of inventory is determined by the costing method adopted by the entity and this can vary from
entity to entity. Historical cost often requires the allocation of costs to an asset or liability. These costs are attributed to assets,
liabilities and expenses, and are often allocated arbitrarily. An example of this is self constructed assets. Rules set out in
accounting standards help produce some consistency of historical cost measurements but such rules cannot improve
representational faithfulness.
Another problem with historical cost arises as regards costs incurred prior to an asset being recognised. Historical costs
recorded from development expenditure cannot be capitalised if they are incurred prior to the asset meeting the recognition
criteria in IAS38 ‘Intangible Assets’. Thus the historical cost amount does not represent the fair value of the consideration
given to create the asset.
The relevance of historical cost has traditionally been based on a cost/revenue matching principle. The objective has been to
expense the cost of the asset when the revenue to which the asset has contributed is recognised. If the historical cost of the
asset differs from its fair value on initial recognition then the matching process in future periods becomes arbitrary. The
measurement of assets at fair value will enhance the matching objective. Historical cost may have use in predicting future
net reported income but does not have any necessary implications for future cash flows. Fair value does embody the market’s
expectations for those future cash flows.
However, historical cost is grounded in actual transaction amounts and has existed for many years to the extent that it is
supported by practical experience and familiarity. Historical cost is accepted as a reliable measure especially where no other
relevant measurement basis can be applied.

正确答案：C

正确答案：D

正确答案：Both will do. In practice, to measure ullage height is more specific than to measure oil depth. To measure ullage height, we should know the standard height of oil tank. In common practice, we usually measure the oil depth.

正确答案：
(a) Reliability and Measurement
Fair value can be defined as the price that would be received to sell an asset or paid to transfer a liability. The fair value can
be thought of as an ‘exit price’. A fair value measurement assumes that the transaction to sell the asset or transfer the liability
occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market
for the asset or liability which is the market in which the reporting entity would sell the asset or transfer the liability with the
price that maximises the amount that would be received or minimises the amount that would be paid. IAS39 ‘Financial
Instruments: Recognition and Measurement’ requires an entity to use the most advantageous active market in measuring the
fair value of a financial asset or liability when multiple markets exist whereas IAS41 ‘Agriculture’ requires an entity to use the
most relevant market. Thus there can be different approaches for estimating exit prices. Additionally valuation techniques and
current replacement cost could be used.
A hierarchy of fair value measurements would have to be developed in order to convey information about the nature of the
information used in creating the fair values. For example quoted prices (unadjusted) in active markets would provide better
quality information than quoted prices for similar assets and liabilities in active markets which would provide better quality
information than prices which reflect the reporting entity’s own thinking about the assumptions that market participants would
use in pricing the asset or liability. Enron made extensive use of what it called ‘mark-to-market’ accounting which was based
on valuation techniques and estimates. IFRSs currently do not have a single hierarchy that applies to all fair value measures.
Instead individual standards indicate preferences for certain inputs and measures of fair value over others, but this guidance
is not consistent among all IFRSs.
Some companies, in order to effectively manage their businesses, have already developed models for determining fair values.
Businesses manage their operations by managing risks. A risk management process often requires measurement of fair values
of contracts, financial instruments, and risk positions.
If markets were liquid and transparent for all assets and liabilities, fair value accounting clearly would give reliable information
which is useful in the decision making process. However, because many assets and liabilities do not have an active market,
the inputs and methods for estimating their fair value are more subjective and, therefore, the valuations are less reliable. Fair
value estimates can vary greatly, depending on the valuation inputs and methodology used. Where management uses
significant judgment in selecting market inputs when market prices are not available, reliability will continue to be an issue.
Management can use significant judgment in the valuation process. Management bias, whether intentional or unintentional,
may result in inappropriate fair value measurements and consequently misstatements of earnings and equity capital. Without
reliable fair value estimates, the potential for misstatements in financial statements prepared using fair value measurements
will be even greater.
Consideration must be given to revenue recognition issues in a fair value system. It must be ensured that unearned revenue
is not recognised early as it recently was by certain high-tech companies.
As the variety and complexity of financial instruments increases, so does the need for independent verification of fair value
estimates. However, verification of valuations that are not based on observable market prices is very challenging. Users of
financial statements will need to place greater emphasis on understanding how assets and liabilities are measured and how
reliable these valuations are when making decisions based on them.
Disclosure
Fair values reflect point estimates and do not result in transparent financial statements. Additional disclosures are necessary
to bring meaning to these fair value estimates. These disclosures might include key drivers affecting valuations, fair-valuerange
estimates, and confidence levels. Another important disclosure consideration relates to changes in fair value amounts.
For example, changes in fair values on securities can arise from movements in interest rates, foreign-currency rates, and credit
quality, as well as purchases and sales from the portfolio. For users to understand fair value estimates, they must be given
adequate disclosures about what factors caused the changes in fair value. It could be argued that the costs involved in
determining fair values may exceed the benefits derived therefrom. When considering how fair value information should be
presented in the financial statements, it is important to consider what type of financial information investors want. There are
indications that some investors desire both fair value information and historical cost information. One of the issues affecting
the credibility of fair value disclosures currently is that a number of companies include ‘health warnings’ with their disclosures
indicating that the information is not used by management. This language may contribute to users believing that the fair value
disclosures lack credibility.

正确答案：A
解析：一个企业资产和负债的情况是用货币单位来计量。所以A选项符合题意。

正确答案：C

正确答案：D

答案：D

解析：