31.Trading securities are reported on the balance sheet at cost.
a.True
b.False
.FN.03 - MeasurementACCT.AICPA.FN.04 - ReportingBUSPROG: Analytic
32.Any difference between the fair market values of the securities and their cost is a
realized
gain or loss.
a.True
b.False
33.Unrealized gains and losses on trading securities are
notincluded in the calculation of income from operations.
a.True
b.False
34.Investments in stocks that are expected to be held for the long term are listed in the stockholder's equity section ofthe balance sheet.
a.True
b.False
.FN.03 - MeasurementACCT.AICPA.FN.04 - ReportingBUSPROG: Analytic
35.In order to maintain a record of the original cost of a trading security, the fair value adjustments are debited orcredited to the account Valuation Allowance for Trading Investments.
a.True
b.False
36.Generally accepted accounting principles (GAAP) require the use of fair value accounting for all assets andliabilities.
a.True
b.False
.FN.03 - MeasurementACCT.AICPA.FN.04 - ReportingBUSPROG: Analytic
37.A disadvantage of fair value use is that the comparability between companies may be impacted by different fairvalue measurements.
a.True
b.False
.FN.03 - MeasurementACCT.AICPA.FN.04 - ReportingBUSPROG: Analytic
38.Growth firms generally pay regular dividends to stockholders.
a.True
b.False
.FN.03 - Measurement
BUSPROG: Analytic
39.Comprehensive income is all changes in stockholders' equity during the period except those resulting from dividendsand stockholders' investments.
a.True
b.False
40.Comprehensive income must be reported on the income statement.
a.True
b.False
.FN.03 - MeasurementACCT.AICPA.FN.04 - ReportingBUSPROG: Analytic