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美国CPA《财务会计与报告》例题（一）
正保会计网校特别为美国cpa学员整理了美国cpa考试《财务会计与报告》的知识点，以备迎接美国CPA考试，祝您在网校学习愉快！
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.
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