All of the following statements regarding accounting for trading securities under U.S. GAAP are true except:
A) Unrealized gains and losses are recorded in a temporary account that is closed to Income Summary at the end of the period.
B) The entire portfolio of trading securities is reported at is fair value.
C) An unrealized gain or loss is recorded with an adjusting entry when the securities are sold.
D) An unrealized gain or loss from a change in fair value is reported on the income statement.
E) An unrealized gain or loss is recorded with an adjusting entry at the end of each period.
Correct Answer:
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