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Step2247 [10]
3 years ago
9

All of the following are true of the effect of fair value accounting on the financial statements except a.changes in the fair va

lue of trading securities are recognized on the income statement b.any difference between the original cost or the prior period's fair value must be recorded c.changes in the fair value of available-for-sale securities are recognized on the income statement d.valuation allowance accounts are reported on the balance sheet
Business
1 answer:
Anna71 [15]3 years ago
4 0

Option C

<u>Explanation:</u>

All of the following are true of the effect of fair value accounting on the financial statements :

<u>option c. changes in the fair value of available-for-sale securities are recognized on the income statement. is correct .</u>

Reasonable worth bookkeeping is a monetary detailing approach, otherwise called the "mark-to-advertise" bookkeeping practice, under proper accounting rules (GAAP). Utilizing reasonable worth bookkeeping, organizations measure and report the estimation of specific resources and liabilities based on their real or assessed reasonable market costs. Changes in resource or risk esteems after some time produce hidden additions or misfortunes for the advantages held and liabilities extraordinary, expanding or diminishing total compensation, just as value to be determined sheet.

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If the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year
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The answer to this question would be: <span>A. $55,555
</span>In this question, the interest rate is 0.018% and you need to have $9.99 interest. That mean, you need to divide the target interest value with the current interest rate. The equation should be:

interest = bank account * interest rate
$9.99 = bank account * 0.018%
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bank account = $55,500

If we assume that the $9.99 value is $9.99... then the answer would be $55,555
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When using a bcg matrix, a business that currently holds a large market share in a rapidly growing market and has minimal or neg
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1 year ago
The balance in the prepaid insurance account before adjustment at the end of the year is $27,000. Journalize the adjusting entry
Radda [10]

Answer:

(A)  Debit Insurance expense $20,250

     Credit Prepaid insurance $20,250

     Being entries to recognize insurance amortization expense for the year.

(B)  Debit Insurance expense $20,250

     Credit Prepaid insurance $20,250

     Being entries to recognize insurance amortization expense for the year.

Explanation:

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(A) the amount of insurance expired during the year is $20,250

To account  for the expired amount,

Debit Insurance expense $20,250

Credit Prepaid insurance $20,250

Being entries to recognize insurance amortization expense for the year.

(B) the amount of unexpired insurance applicable to future periods is $6,750

Amount expired = $27,000 - $6,750

                           = $20,250

To account  for the expired amount such that the amount of unexpired insurance applicable to future periods is $6,750,

Debit Insurance expense $20,250

Credit Prepaid insurance $20,250

Being entries to recognize insurance amortization expense for the year.

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