Which of the following statements is true?
a. Trading securities are debt securities that the investor has the intent to hold to maturity.
b. Trading securities are securities bought and held primarily for sale in the near term.
c. Trading securities are securities that may be sold in the future.
d. Trading securities are reported at cost in the balance sheet.
Ans: b. Trading securities are securities bought and held primarily for sale in the near term.
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The Financial Accounting Standards Board (FASB) issues new Generally Accepted Accounting Principle (GAAP) rules and amends existing ones
Indicate whether the statement is true or false