36. Subsequent to their initial recognition, which financial assets with quoted market prices in an active market are measured at fair value? Financial assets Financial Assets with fair values through at amortized cost profit or loss a. b. C. d. Yes Yes No No No Yes Yes No

Net Capital gain is an item of income, while net capital loss is not an item ofdeduction. a.true b.false

Which of the following is incorrect? A. Capital + Liabilities = Assets B. Assets Liabilities Capital Capital + Liabilities = Capital - Liabilities C. Assets D. Assets -

8. Income is: a. An amount for payment of services, interest, or profit from investment b. The gain derived from capital or labor c. Any material gain, not otherwise excluded by law, realized out of a closed and completed transaction, where there is an exchange of economic value for economic value, with a specified taxable period, under the method of accounting employed. d. A flow of service rendered by capital by the payment of money from it or any other benefit rendered by a fund of capital in relation to such fund through a period of time.