In 2007, the Securities and Exchange Commission announced that it would accept financial statements from foreign private issues without reconciliation to U.S. GAAP if they are prepared using IFRS as issued by the International Accounting Standards Board

The indirect costs of converting raw material into finished goods are called

a. period costs. b. prime costs. c. overhead costs. d. conversion costs.

ValleyView Company acquires common stock of Kansas Enterprises for $400,000 on November 1, 2013, and designates this investment as available-for-sale. The fair value of these shares is $435,000 on December 31, 2013 . ValleyView sells these shares on August 15, 2014, for $480,000. (Refer to ValleyView.) The journal entry to measure securities available-for-sale on December 31, 2013 is:

a. Unrealized Holding Gain on Securities Available-for-Sale................35,000 Marketable Securities.....................................35,000 b. Unrealized Holding Gain on Securities Available-for-Sale................35,000 Common Stock...............................................35,000 c. Common Stock....................................... 35,000 Unrealized Holding Gain on Securities Available-for-Sale.......................35,000 d. Marketable Securities............................ 35,000 Cash.............................................................. 35,000 e. Marketable Securities........................... 35,000 Unrealized Holding Gain on Securities Available-for-Sale......................35,000