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ACC 305 WEEK 2 QUIZ 1

ACC 305 WEEK 2 QUIZ 1

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ACC 305 WEEK 2 QUIZ 1

ACC 305 Week 2 Quiz 1 – STR NEW

ACC 305 Week 2 Quiz 1

  

TRUE-FALSE—Conceptual

1.     Debt securities include corporate bonds and convertible debt, but notU.S.government securities.

2.     Trading securities are securities bought and held primarily for sale in the near term to generate income on short-term price differences.

3.     Unrealized holding gains and losses are recognized in net income for available-for-sale debt securities.

4.     A company can classify a debt security as held-to-maturity if it has the positive intent to hold the securities to maturity.

5.     Companies do not report changes in the fair value of available-for-sale debt securities as income until the security is sold.

6.     The Securities Fair Value Adjustment account has a normal credit balance.

7.     Companies report trading securities at fair value, with unrealized holding gains and losses reported in net income.

8.     Equity security holdings between 20 and 50 percent indicates that the investor has a controlling interest over the investee.

9.     The Unrealized Holding Gain/Loss—Equity account is reported as a part of other compre-hensive income.

10.    Significant influence over an investee may be indicated by material intercompany trans-actions and interchange of managerial personnel.

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