Which of the Following Regarding Trading Securities Is Correct

question 13

Multiple Choice

Which of the following regarding trading securities is correct?

• A)Trading securities are reported at cost on the balance sheet date, and unrealized holding gains and losses are included in income of the current period.
• B)Trading securities are reported at fair value on the balance sheet date, and unrealized holding gains and losses are included in income of the current period.
• C)Trading securities are reported at fair value on the balance sheet date, but unrealized holding gains and losses are not included in income of the current period.
• D)Trading securities are reported at cost on the balance sheet date, but unrealized holding gains and losses are not included in income of the current period.

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Definitions:

Iranian Hostages

refers to the 52 American diplomats and citizens held hostage for 444 days after a group of Iranian students supporting the Iranian Revolution took over the U.S. Embassy in Tehran in November 1979.

Proposition 13

A landmark 1978 California ballot initiative that reduced property tax rates on homes, businesses, and farms by assessing property values at their 1975 value.

Property Taxes

Taxes on the value of real estate property, typically levied by local governments.

Californians

generally refers to the residents or people who are from California, a state located on the west coast of the United States.