Fair Value Is the Amount of Cash Expected to Be

question 106

True/False

Fair value is the amount of cash expected to be collected if the asset is sold.

---

Definitions:

Agency Relationship

A legal relationship in which one party, the agent, is authorized to act on behalf of another party, the principal, in conducting business transactions.

Independent Contractor

One who contracts to do a job and who retains complete control over the methods employed to obtain completion.