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Question 288 - IIA-CIA-Part3 discussion

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An organization buys equity securities for trading purposes and sells them within a short time period.

Which of the following is the correct way to value and report those securities at a financial statement date?

A.
At fair value with changes reported in the shareholders' equity section.
Answers
A.
At fair value with changes reported in the shareholders' equity section.
B.
At fair value with changes reported in net income.
Answers
B.
At fair value with changes reported in net income.
C.
At amortized cost in the income statement.
Answers
C.
At amortized cost in the income statement.
D.
As current assets in the balance sheet
Answers
D.
As current assets in the balance sheet
Suggested answer: B
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asked 18/09/2024
Thembinkosi Sibiya
34 questions
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