Fair Value

Fair Value

University

11 Qs

quiz-placeholder

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Fair Value

Fair Value

Assessment

Quiz

Education

University

Practice Problem

Medium

Created by

NOR SHAFFEE

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Fair Value 'exit price' refers to

price that would be received to buy the asset

price that would be received to sell the asset

price that would be received to hold the asset

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following defines the term 'fair value'

the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the reporting date under current market conditions.

the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following are not the exceptions for the application of MFRS 13?

MFRS2 Share-based payment

MFRS 9 Financial Instruments

4.

MULTIPLE SELECT QUESTION

10 sec • 1 pt

An entity needs to undertake an in-depth search of all possible markets to identify the principal market or, in the absence of a principal market, the most advantageous market.

True

False

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following is a true statement about Fair Value?

A way to determine how much an item is currently worth

A value of a liquidated item

A maximum price for an item

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What are two common ways to measure fair value?

COGS and Cost

Liquidation and Cost

Market Value and Cost

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

At which date is fair value determined?

The exchange date

The measurement date

The transaction date

The settlement date

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