When Assessing Fair Value of Level 2 Assets,auditors Will Use

question 2

True/False

When assessing fair value of Level 2 assets,auditors will use information on the sale of identical items in active or inactive markets as a source of audit evidence.

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Definitions:

Disappearance

The act of someone or something going missing or becoming invisible or unlocatable.

Stepping Reflex

is an automatic movement seen in newborn babies, who appear to take steps when held upright with their feet touching a solid surface, indicating normal neural development.

Heel-toe Walk

A physical test used to assess balance and coordination by walking in a straight line placing the heel of one foot directly in front of the toes of the opposite foot.

Balance

The ability to maintain bodily equilibrium or the even distribution of weight enabling someone or something to remain upright and steady.