The Measurement of Fair Value Is Determined in Accordance with AASB

question 16

Multiple Choice

The measurement of fair value is determined in accordance with AASB 13 Fair Value Measurement. AASB 13 defines fair value as one that has all of the following conditions: $$\begin{array} { | l | l | l | l | l | } \hline & \text { I } & \text { II } & \text { III } & \text { IV } \\\hline \begin{array} { l } \text { The price that would be received to sell arI asset or paid to } \\\text { traresfe a liability }\end{array} & \text { Yes } & \text { Yes } & \text { No } & \text { Yes } \\\hline \text { Is arl orderly trarsaction between market participarts } & \text { No } & \text { Yes } & \text { No } & \text { Yes } \\\hline \text { Based or the measurement date. } & \text { Yes } & \text { Yes } & \text { Yes } & \text { No } \\\hline\end{array}$$

• A) I.
• B) II.
• C) III.
• D) IV.

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Definitions:

Structural Unemployment

People who remain unemployed for long periods of time, often with little hope of finding new jobs like their old ones.

Specialized Knowledge

Expertise or skills focused on a specific branch of study, occupation, or field of endeavor, distinguished by its depth and proficiency.

Cost-Push Inflation

Inflation caused by an increase in prices of inputs like labour, raw material, etc., leading to a decrease in the supply of these goods.

Raw Materials

Fundamental materials that are used in the production process to create goods and products.