This topic contains a solution. Click here to go to the answer

Author Question: Securities held by an Investment Trust Fund and carried on the books at 100,000 are sold for 110,000 ... (Read 53 times)

Kikoku

  • Hero Member
  • *****
  • Posts: 540
Securities held by an Investment Trust Fund and carried on the books at 100,000 are sold for 110,000 . On receiving the cash from the sale, how should the Investment Trust Fund account for the 10,000 gain?
 
  a. as a direct credit to net position of the Fund participants
  b. as a liability - due to Fund participants
  c. as an addition - net increase in fair value of investments
  d. as a gain - equity in investment pool

Question 2

Processing methods
 a. are the policies and procedures that protect assets from misuse
  b. must be computerized.
  c. are the means by which the accounting system collects, summarizes, and reports accounting information
  d. ensure that business laws and regulations are followed



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

wuly

  • Sr. Member
  • ****
  • Posts: 327
Answer to Question 1

c

Answer to Question 2

c




Kikoku

  • Member
  • Posts: 540
Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it


nathang24

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Excellent

 

Did you know?

There are more nerve cells in one human brain than there are stars in the Milky Way.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

There are more bacteria in your mouth than there are people in the world.

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

For a complete list of videos, visit our video library