All of the following statements regarding accounting for trading securities under U.S. GAAP are True except:
A) The entire portfolio of trading securities is reported at is fair value.
B) An unrealized gain or loss from a change in fair value is reported on the income statement.
C) A realized gain or loss is recorded when the securities are sold and reported on the income statement.
D) When the period-end fair value adjustment for the portfolio of trading securities is computed, it includes the cost and fair value of any securities sold.
E) When the period-end fair value adjustment for the portfolio of trading securities is computed, it excludes the cost and fair value of any securities sold.
Correct Answer:
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