TRADING SECURITIES Definition

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TRADING SECURITIES is investment in securities with the intention of selling them in the short term for a profit. These are reported at market value. Unrealized gains or losses on these investments appear in the Net Income for the period.

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INCOME SUMMARY ACCOUNT is the account in the general ledger used to summarize the revenue and expenses for the fiscal period.

FOB DESTINATION is where the seller retains title and control of goods until they are delivered and the contract of carriage has been completed. The seller selects the carrier and is responsible for the risk of transportation.

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