Marketable Securities

Question 1

Trading securities are _______ assets

Answer 1

current

Question 2

Bought & held principally for the purpose of selling them in the near term

Answer 2

trading securities

Question 3

Available-for-sale securities are _______ assets

Answer 3

noncurrent

Question 4

Held-to-Maturity securities are _____ assets

Answer 4

noncurrent

Question 5

Investments that the corporation has the positive intent and ability to hold to maturity

Answer 5

held-to-maturity securities

Question 6

Securities reported at fair value (2):

Answer 6

trading & AFS

Question 7

Unrealized gains and losses on trading securities are reported on the:

Answer 7

income statement

Question 8

Unrealized gains and losses on AFS are reported in:

Answer 8

other comprehensive income

Question 9

Held-to-maturity securities are valued at:

Answer 9

amortized cost

Question 10

Transfer of trading to any other results in:

Answer 10

no adjustment

Question 11

Transfer of any other to trading is recognized on the:

Answer 11

income statement

Question 12

Transfer of held-to-maturity to available-for-sale is recorded in:

Answer 12

other comprehensive income

Question 13

Transfer of AFS debt securities to held-to-maturity debt securities is an requires _________ of gain or loss from:

Answer 13

amortization; other comprehensive income

Question 14

An impairment loss on either available-for-sale or held-to-maturity is a _______ loss and included in:

Answer 14

realized; income statement

Question 15

A sale of a security from any category results in a _______ gain or loss and is reported on the:

Answer 15

realized; income statement

Question 16

Unrealized gains and losses are ___ _______ for tax purposes

Answer 16

not deductible

Question 17

Under IFRS, reversals of impairment losses are _______ and the increase would be booked to the current year’s _______ _______

Answer 17

allowed; income statement

Question 18

Under IFRS, unrealized gains and losses for all available for sale securities and foreign exchange gains and losses for available for sale EQUITY securities are reported as __________________.

Answer 18

other comprehensive income

Question 19

Foreign exchange gains and losses on available for sale DEBT securities are reported on the _______________

Answer 19

income statement