A fiscal year is always the same as the calendar year.
a. True
b. False
Indicate whether the statement is true or false
Question 2
During its fiscal year, a Pension Trust Fund buys 1,000 shares of stock, for which it pays 33,000 . At year end, the stock has a fair value of 28,000 . How should this fact be reported in the Trust Fund's financial statements?
a. The investment should be reported at a value of 33,000
b. The investment should be reported at a value of 33,000, and the loss in market value should be reported in a footnote
c. The investment should be reported at a value of 30,500
d. The investment should be reported at a value of 28,000
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