NO.PZ201602060100001702
问题如下：
If the US dollar were chosen as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:
选项：
A.selling SGD30 million of fixed assets for cash.
B.issuing SGD30 million of long-term debt to buy fixed assets.
C.issuing SGD30 million in short-term debt to purchase marketable securities.
解释：
A is correct.
If the US dollar is the functional currency, the temporal method must be used, and the balance sheet exposure will be the net monetary assets of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SGD30 million. This net monetary liability would be eliminated if fixed assets (non-monetary) were sold to increase cash. Issuing debt, either short-term or long-term, would increase the net monetary liability.
考点：balance sheet exposure
解析：如果US dollar 是functional currency, 说明functional currency = reporting currency, 选择temporal method.
Exposure= monetary assets – monetary liability =125 + 230 – 185 – 200 = –30,负号代表exposure为净负债的头寸。
现在是net liability exposure，我们就想把这个负数变得更接近于0，这样就减少敞口了。
【提示】不管是net asset exposure还是net liability exposure，只要存在（即不等于0）就是有风险。对于net asset exposure来说担心汇率贬值，子公司货币贬值那么转换完的net asset就变少，对公司来说会有损失。net liability exposure则在子公司货币升值的情况下转换完的liability更多了，对公司来说也不是好事。所以综上所述，只要exposure不等于0，就是有风险敞口，所以降低exposure，就是要让它更接近于0。
A：如果卖掉fixed assets (non-monetary资产减少) ，cash增加（monetary assets增加），monetary asset的增加可以抵消exposure净负债的头寸，选项A正确。
B：发债买固定资产。发债会导致monetary liability 增加，固定资产属于non-monetary asset，所以这个操作会增加ML，但MA不变，那么最终增大净负债的头寸。会使exposure更大，选项B不正确。
C：发行短期债买marketable securities，会使monetary liability增加。marketable securities属于non-monetary asset，MA不变，所以这个操作会增加ML，但MA不变，那么最终增大净负债的头寸。会使exposure更大，选项C不正确。
【提示】根据教材：Monetary items are cash and receivables (payables) that are to be received (paid) in a fixed number of currency units. 即只有cash和receivables属于货币性资产，因此如无特别说明，market securites我们作为non-monetary asset来处理。
想问一下temporal method下。如果non monetary资产中的部分按照fair value计价的金融资产也按照current rate汇率转换。那这部分是否也应该包含在exposure计算中？
