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All of the following statements about financial

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161.All of the following statements about financial statement gains and losses on investmentsare trueexcepta.the account "Fair Value Adjustment – Available-For-Sale" is reported on the balancesheet.b.unrealized losses on trading securities are reported on the income statement.c.unrealized losses on available-for-sale securities are reported on the incomestatement.d.the account "Fair Value Adjustment – Trading" is reported on the balance sheet.Ans: C, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: None, IMA:ReportingH-38
162.Baggles Company owns stock in Hampshire Industries, which it intends to holdindefinitely because of some negative tax consequences if sold. Which of the followingstatements is true regarding Baggles’ reporting of the stock?Reporting
FOR INSTRUCTOR USE ONLY
Reporting and Analyzing Investments163.All of the following statements about short-term investments are trueexceptReporting
164.Short-term investments are listed on the balance sheet immediately below

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Term
Fall
Professor
professor_unknown
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