Mirvish Limited Invests in Short Term Investments

question 59

Multiple Choice

Mirvish Limited invests in short term investments.The following information is available about its investments at December 31,2016:

If Mirvish accounts for these at fair value through OCI investments,what entry is necessary for fiscal 2016?

• A)A loss of $8,000 to net income.
• B)A gain of $8,000 to net income.
• C)A loss of $8,000 to OCI.
• D)A gain of $8,000 to OCI.

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Definitions:

Formal

Pertaining to or following established, traditional rules or principles, often in relation to events, clothing, or language.

Etiquette

The expected norms of behavior in a particular situation.

Norms Of Behavior

Accepted standards or expectations that govern the conduct of individuals within a society or group.

Emotional Intelligence

Emotional intelligence is the ability to understand and manage one's own emotions and the emotions of others, crucial in personal and professional relationships.