The Gain on Disposal of Trading Securities Is Reported in the ________

question 110

Multiple Choice

The Gain on Disposal of Trading Securities is reported in the ________.

• A)other revenues and expenses section of the income statement
• B)stockholders' equity section of the income statement
• C)current assets section of the balance sheet
• D)fixed assets section of the balance sheet

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Definitions:

Performance

The execution or fulfillment of terms as specified in a contract, such as the completion of duties or the payment of a sum.

Incidental Beneficiary

A third party who benefits from a contract between two others but does not have contractual rights to enforce that benefit.

Intended Beneficiary

A person or group for whom a contract is specifically designed to benefit, even though they are not a direct party to the contract.

Reasonable Doubt

The standard of proof required in criminal trials, meaning that if any reasonable doubt exists regarding the defendant's guilt, they cannot be convicted.