Day 54 - 73% FAIL Flashcards
1
Q
ABC bought 100 Tesla stocks for $190k on January 1 by March 31 the stock price was $182k, and should reflect the stock decline in:
A
Recognizing unrealized loss of $8k as part of income from continuing operations
Unrealized losses for AFS securities are included in Net income on quarterly income Stmts
MCQ-07484
2
Q
What is the primary objective for accounting for income taxes?
A
To recognize the amount of DTL and DTA reported for future tax consequences
MCQ-05635
