Investments of permanent funds should be accounted at fair value, if determinable and unrealized gains reported along with realized gains as "Investment Income-Net Increase in Fair Value of Investments."

Question

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According to the generally accepted accounting principles (GAAP), investments of permanent funds should be accounted for at fair value, and unrealized gains should be reported along with realized gains as "Investment Income-Net Increase in Fair Value of Investments."

Investments of Permanent Funds Should Be Accounted at Fair Value