Was the given currency rate LC/USD or USD/LC in FSA pm session? I think I screwed the item set. I thought that the rates were USD/LC. If I solved the set with the LC depreciating, how many question did I get wrong? There were many questions asking ratios. I am so frustrated!!! What is more is that I made a lot of mistakes in other sets!!!
I’m with you on this one. Did the same thing, easy question to but CFA had to pull out their old tricks again and switch the FX rates. Honestly, whats with that? What pisses me off even more, i knew it was all current, but kept on getting -99 or something (not one of the answers), so i said screw it, this must be temporal, switched the gimmie first question (all current / balance sheet) to Temp / income statement. brutal (but totally my own doing), just need to vent i guess
Industry standard is to quote LC/$, so you had to flip it.
I knew I had to flip it. I dont know what got me at that moment. I guess I got most of the questions in the set wrong. Really pisses me off!
wasn’t one of the questions would results be higher or lower under temporal? anyone remember?
Just remember that because the US$ was in there didn’t make it a/ the domestic currency b/ the currency they were looking for in the answer
There were two questions and I got them wrong also - 4 choices (1) Gross Profit Margin will be lower or higher (actually it is higher) (2) One more dealing with how S/FA and something else would be affected in the case of Temporal vs All Current - FA decrease with appreciating local so if there are two mistakes it could still be right! There was one other question that dealt with ROE or something where they said, it would lower and it would be higher, but actually it was equal. There was a vignette on HTM and A4S. One on pension, one on currency and one on Consolidation. I do not recollect the A4S/HTM vignette. FSA was actually tough but disarming and that is always what makes things tricky. What was the final decision also on the Stockholder equity wrt Pension Accting? I thought that if its not in Funded Status it is in Stock holder equity as a contra account or something like that.
Guys, Can someone tell me whether this question belonged to 5050 or 6060? and if possible did the vignette mentioned the local currency or was just represented as LC?