Liberty County maintains an investment pool on behalf of certain cities within the county.
When it prepares its statement of fiduciary net position at year-end, how should Liberty value the corporate securities that it holds on behalf of the cities?
a. at the amount of cash originally sent by the cities for investment
b. at the amount paid by the county to acquire the securities
c. at the fair value (at year-end) of the securities held on behalf of the cities
d. at the average value of the securities held during the year on behalf of the cities
Question 2
A contra-asset has a credit balance.
a. True
b. False
Indicate whether the statement is true or false
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