Deck4 Flashcards
1
Q
In determining Fair Value in the most advantageous market, the amount you get for the asset should be adjusted for (a) transaction cost (b) transportation cost (c) both
A
(b) transportation cost - not adjusted for transaction cost
2
Q
Fair value helps to increase (a) consistency (b) comparability (c) both
A
(c) both
3
Q
Inventory valued at LCM is exempt from Fair Value measurement guidance T or F
A
True
4
Q
Share (stock) based payments are exempt from Fair Value measurement guidance T or F
A
True
5
Q
If Fair Value is chosen by a company, it must recognize an increase in Fair Value for the year. T or F
A
True
