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Test:CPA Financial Accounting and Reporting (FAR)
1. | A marketable debt security is moved from available-for-sale to held-to-maturity securities. At the transfer date, the security’s market value has fallen below its cost. What amount is used at the transfer date to record the security in the held-to-maturity portfolio? |
Cost, if the decline in market value below cost is temporary
Market value, only if the decline in market value below cost is considered permanent
Cost, regardless of whether the decline in market value below cost is considered permanent or temporary
Market value, regardless of whether the decline in market value below cost is considered permanent or temporary
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