Fair Value Recognition and Measurement Flashcards
1
Q
When an asset is acquired or a liability is assumed in an actual transaction, the price paid to acquire the asset or the price received to assume the liability
A
Entry Price
2
Q
To take another market participant debt
A
Price received to assume the liability
3
Q
The price paid when an asset or liability is initially recognized
A
Entry Price
4
Q
Fair value of an asset or a liability is the price that would be received to sell an asset or paid to transfer a liability
A
Exit Price
5
Q
To give another market participant my debt
A
Price Paid to transfer a liability
6
Q
purchase price
A
an entry price
7
Q
exit price
A
fair value
