ACC 302 Ch 14 quiz NO

ACC 302 Ch 14 quiz NO - ACC 302 Chapter 14 Quiz Multiple...

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ACC 302 Chapter 14 Quiz Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Changes in fair value of securities are reported in the income statement for which type of securities? a. Marketable equity securities b. Available-for-sale securities c. Trading securities d. Held-to-maturity securities ____ 2. Changes in fair value of securities are reported in the stockholders' equity section of the balance sheet for which type of securities? a. Marketable equity securities b. Available-for-sale securities c. Trading securities d. Held-to-maturity securities ____ 3. A debit balance in the account Market Adjustment--Available-for-Sale Securities at the end of a year should be interpreted as a. the net unrealized holding gain for that year. b. the net realized holding gain for that year. c. the net unrealized holding gain to date. d. the net realized holding gain to date. ____ 4. FASB Statement No. 115 generally applies when the level of ownership of another company is at what per- centage? a. Less than 20% b. 20%-30% c. 30%-50% d. More than 50% ____ 5. A debit balance in the account Market Adjustment-Trading Securities at the end of a year should be inter- preted as a. the net realized holding gain to date. b. the net unrealized holding gain to date. c. the net realized holding gain for that year. d. the net unrealized holding gain for that year. ____ 6. The equity method of accounting for an investment in the common stock of another company should be used when the investment a. is composed of common stock and it is the investor's intent to vote the common stock. b. ensures a source of supply such as raw materials. c. enables the investor to exercise significant influence over the investee. d.
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ACC 302 Ch 14 quiz NO - ACC 302 Chapter 14 Quiz Multiple...

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