A fiscal year is always the same as the calendar year. a. True ...

[panfilo]

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]

Answer to Question 1

False

Answer to Question 2

d