Under the Fair Value Through Other Comprehensive Income Model, Unrealized

question 110

Multiple Choice

Under the fair value through other comprehensive income model, unrealized gains and losses are

• A) recognized in net income.
• B) recognized in other comprehensive income.
• C) recognized in either net income or other comprehensive income.
• D) ignored.

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Definitions:

Conditions Precedent

Legal terms that must be met before a party is required to perform under a contract.

Executory Conditions

Provisions in a contract that require certain actions to be performed before an obligation becomes absolute.

Concurrent Conditions

In a contract, terms under which each party’s performance is conditioned on the performance of the other; occur only when the parties are required to perform for each other simultaneously.

Express

Implies clear and direct communication or conveyance of an idea, intention, or item without any ambiguity.