Fair Value Is by Necessity More Subjective Than the Concept

question 110

True/False

Fair value is by necessity more subjective than the concept of fair market value, because it represents the
dollar value of a business based upon an appraisal of the tangible and intangible assets of the business.

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Definitions:

Quality

The degree to which a set of inherent characteristics fulfills requirements or expectations.

Philip Crosby

An influential figure in the quality management field known for his work on improving organizational quality.

Conformance

The act of matching or complying with certain standards, rules, or norms, often to meet requirements or maintain quality and consistency.

Service Characteristics

Service Characteristics are features that differentiate services from goods, including intangibility, inseparability, variability, and perishability.