美国CPA《财务会计与报告》例题（3）

　　为了帮助广大学员备战2014年美国CPA考试，正保会计网校精心为大家整理了美国CPA考试各科目练习题，希望能够提升您的备考效果，祝您学习愉快！

　　ABC Company owns stock in XYZ Company.The stock is traded on the New York Stock Exchange and the London Stock Exchange.Stock price information from the two stock exchanges on December 31 is as follows：

　　Exchange　　 Quoted Stock Price　　　 Transaction　　　 Costs Net

　　New York　　　　 $103 　　　　　　　　　$1　　　　　　　　 $102

　　London　　　　　 $106　　　　　　　　　 $5　　　　　　　　 $101

　　What is the fair value of the XYZ stock on December 31 if there is no principal market for the stock?

　　a.$101

　　b.$102

　　c.$103

　　d.$106

　　Explanation

　　Choice “c” is correct. If there is no principal market，then the price in the most advantageous market is the fair value of the stock.The most advantageous market is the market with the best price after considering transaction costs.Although the London quoted market price is higher，after transaction costs the net amount is lower，so New York is the most advantageous market and the fair value is $103.