Which is not correct regarding trading securities

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Reference no: EM132898710

Problem 1: Purchases of merchandise inventories are always recorded net of:

a. Trade discount

b. Purchase discount

c. Sales discount

d. Cash discount

Problem 2: Which of the following is NOT correct regarding trading securities

a. These are classified as current assets.

b. Share in profit of the investee increases carrying value of the investment

c. Unrealized holding gains or losses are reported in profit or loss

d. Cash dividends shall be recognized as dividend income

Problem 3: Loans and receivable should be measured subsequent to initial recognition at

a. Amortized cost using the straight line method

b. Fair value plus transaction cost

c. Fair value

d. Amortized cost using the effective interest method

Reference no: EM132898710

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