Instructions: Please Define the Following Key Terms

question 13

Essay

Instructions: Please define the following key terms.Show Who? What? Where? When? Why Important?
-the world of Forms

---

Definitions:

Impairment Tests

Assessments to determine if an asset's carrying amount exceeds its recoverable amount, indicating a loss in value.

Fair Value

A measure of the estimated price at which an asset or liability could be traded in a transaction between willing parties, other than in a liquidation sale.

FASB

stands for Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards for companies and nonprofits in the United States.

Orderly Transaction

A financial transaction conducted in an organized manner without urgent pressure from either the buyer or seller, often ensuring fair market values are achieved.