1) The fair value of an investment is the price that ________.

A) is always equal to the weighted average cost of the investment B) is not relevant for trading debt investments C) would be received if the company were to sell the investment on the market D) existed at the time of acquisition

2) At the beginning of the year, Wilson Steel, Inc. purchased 10,000 shares of Barnes Metals, Inc. for $34,000 in exchange for cash and now holds 3.2% of the voting stock of Barnes Metals, Inc. The management of Wilson Steel intends to hold this stock for two years. Assuming no other transaction happened during the year, the ________ in the balance sheet will increase.

A) cash B) total assets C) current assets D) long-term assets

3) The current portion of notes payable is the amount of the principal that is payable more than one year from the balance sheet date. True OR False ?

4) All intangible assets must be amortized each year True OR False?