Unlike a "Service, " a "Good

question 14

Multiple Choice

Unlike a "service, " a "good"

• A)is desirable
• B)uses resources to satisfy wants
• C)is physical and tangible
• D)is abundant and free
• E)is a resource

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Definitions:

Fair Value

Amount for which a security could be sold in a normal market.

Trading Securities

Securities bought and held primarily for sale in the near term to generate income on short-term price differences.

Unrealized Gain

The increase in value of an asset that has not been sold yet, therefore the gain is not reflected in the income statement.

Consolidated Financial Statements

Financial statements that present the assets and liabilities controlled by the parent company and the total revenues and expenses of the subsidiary companies.