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For instructor use only h 33 test bank for financial

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FOR INSTRUCTOR USE ONLYH-33
Test Bank for Financial Accounting: Tools for Business Decision Making, Eighth EditionReportingFOR INSTRUCTOR USE ONLYH-34
Reporting and Analyzing Investments149.If the cost of an available-for-sale security exceeds its fair value by $29,000, the entry torecognize the lossProblem Solving, IMA: FSA
150.The balance in the Unrealized Gain or Loss—Equity account willReporting
151.Assume that Chapman’s Inc.’s trading securities have a total cost of $185,000 and a totalfair value of $215,000 at year end. The related adjusting entry would include a debit to
152.Which of the following is not a category used for valuing and reporting debt investments?a.Securities held for investing purposes.b.Trading securities.c.Held-to-maturity securities.d.Available-for-sale securities.Ans: A, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: Problem Solving,IMA: Reporting

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