As of 2015, the Single Largest Asset Category in the Net

question 22

Multiple Choice

As of 2015, the single largest asset category in the net worth portfolios of households is:

• A) government and corporate bonds
• B) stocks and mutual fund shares
• C) consumer durable goods
• D) housing

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Definitions:

IFRS

Global accounting guidelines known as International Financial Reporting Standards are used for the preparation of financial statements.

U.S. GAAP

United States Generally Accepted Accounting Principles - a framework of accounting standards, principles, and procedures used in the U.S. for financial reporting.

Revaluation

The process of reviewing and adjusting the carrying value of an asset or currency to reflect its current market value.

Commercial Substance

A concept in accounting that signifies a transaction causes a change in the future cash flows that is significant to a business.