During a Period Cost of Goods Sold + an Increase

question 127

True/False

During a period cost of goods sold + an increase in inventory + an increase in accounts payable = cash paid to suppliers.

Recognize the valuation techniques prescribed by AASB 13.

Identify and differentiate between Level 1, 2, and 3 inputs.

Understand the principles guiding the determination of the fair value.

Know the definition of the principal market and its significance in fair value measurement.

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Definitions:

Normative Economic Statements

Assertions about what ought to be in the economy, reflecting judgments and prescriptions for economic policy.

Positive Economic Statements

Statements that can be tested and validated; they describe the world as it is versus how it should be.

Opinion

A personal view, attitude, or appraisal.

Rational Behavior

The theory that individuals make decisions based on maximizing their own benefit or utility, considering all available information and the potential costs and benefits.