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Author Question: A fiscal year is always the same as the calendar year. a. True b. False Indicate whether the ... (Read 56 times)

panfilo

  • Hero Member
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  • Posts: 572
on: Jul 5, 2018
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


matt

  • Sr. Member
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Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

d


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