Which of the Following Is/are True Regarding Securities Classified as Available-For-Sale

question 113

Multiple Choice

Which of the following is/are true regarding securities classified as available-for-sale?

• A)they must be tested for impairment and if they are impaired, the firm treats the unrealized loss in Accumulated Other Comprehensive Income as if it were realized.
• B)they must be tested for impairment and if they are impaired, the firm treats the unrealized loss in Net Income as if it were realized.
• C)they are not tested for impairment and do not effect Accumulated Other Comprehensive Income.
• D)they are not tested for impairment and do not effect Net Income.
• E)they must be tested for impairment and if they are impaired, the firm treats the unrealized loss in Retained Earnings as if it were realized.

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