1. How does electing the Fair Value Option under US GAAP change the reporting for...
60.1K
Verified Solution
Link Copied!
Question
Accounting
1. How does electing the Fair Value Option under US GAAP change the reporting for investments classified as Trading Securities? Balance Sheet effect / Income Statement effect
No change/ No change
Change to fair value / Change to recognized unrealized gain & loss in OCI
Change to fair value / Change to recognized unrealized gain & loss in the Income Statement
No change / Change to recognized realized gain & loss in the Income Statement
None of the above describes the change due to electing the Fair Value Option
2. A company records an unrealized loss on short-term debt securities classified as trading. Unrealized losses are not tax deductible but realized losses are. This would result in what type of difference and in what type of deferred income tax?
Type of Difference Deferred Tax
Temporary Liability
Temporary Asset
Permanent Liability
Permanent Asset
3. The following information pertains to Garfield Co.s defined benefit pension plan for the current year:
Fair value of plan assets 1/1 $350,000
Fair value of plan assets at 12/31 $525,000
Employer contributions $110,000
Benefits paid $85,000
What amount was Garfileds actual return on plan assets?
$65,000
$175,000
$150,000
$260,000
None of the above
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.