All of the Following Statements Regarding Accounting for Noninfluential Securities

question 117

Multiple Choice

All of the following statements regarding accounting for noninfluential securities under U.S.GAAP and IFRS are true except:

• A)Trading securities are accounted for using fair values with unrealized gains and losses reported in other comprehensive income.
• B)Trading securities are accounted for using fair values with unrealized gains and losses reported in net income.
• C)Available-for-sale securities are accounted for using fair values with unrealized gains and losses reported in other comprehensive income.
• D)Held-to-maturity securities are accounted for using amortized cost.
• E)Both systems examine held-to-maturity securities for impairment.

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Definitions:

Epididymitis

Inflammation of an epididymis. Most cases result from infection.

Prostatitis

Inflammation of the prostate gland, which can be acute or chronic.

Urethritis

Inflammation of the urethra, often caused by infection, leading to painful urination and an urgent need to urinate.

Incontinent

The inability to voluntarily control urination or defecation.