Explain the purpose of the account "undistributed change in fair value of investments" used in an investment pool.
What will be an ideal response?
The account "undistributed change in fair value of investments" is used in a cash and investments pool trust fund to accumulate the unrealized and realized gains and losses on investments that arise when investments in the pool are revalued to fair value or sold. This is a liability account that is distributed to pool participants when a distribution to a pool participant is made.
You might also like to view...
Explain the common problems that international marketing researchers encounter
What will be an ideal response?
If the total unit cost of manufacturing Product Y is currently $36 and the total unit cost after modifying the style is estimated to be $48, the differential cost for this situation is $12
Indicate whether the statement is true or false
A gain or loss on realization is divided among partners according to their
A) income sharing ratio B) capital balances C) drawing balances D) contribution of assets
Agnes plans to file for bankruptcy under Chapter 7 . One month prior to filing, Agnes gives Joe's Filling Station $700 to apply to her gas bill. Joe has been so kind to let her charge the gas she needed for her car over the past year. The bankruptcy trustee appointed to the case:
a. can cancel the payment to Joe as a fraudulent transfer. b. cannot cancel the payment to Joe because it is payment for an existing debt. c. cannot cancel the payment to Joe because he is not an insider. d. can cancel the payment to Joe as a voidable preference.