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Securities investments of a state or local government are reported at fair value in the government-wide statement of net position A. for all investments held

Securities investments of a state or local government are reported at fair value in the government-wide statement of net position

A. for all investments held by governmental and proprietary funds. B. only if they are investments held by proprietary funds; investments by governmental funds are reported as expenditures. C. only if they are investments that are hedged by derivative investments. D. only if they are derivative investments classified as qualified hedges.

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