The FASB Has Set a Hierarchy of Inputs to Consider

question 45

Multiple Choice

The FASB has set a hierarchy of inputs to consider in assessing fair value.Which of the following relates to Level 3?

• A)Quoted prices for identical items in active,liquid,and visible markets.
• B)Unobservable inputs to be used in illiquid situations.
• C)Observable information for similar items in active or inactive markets.
• D)Unobservable inputs to be used in situations where markets do not exist.

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Definitions:

Race

A social construct used to categorize and differentiate individuals based on physical characteristics and genetic heritage, often resulting in systemic disparities and prejudice.

Racial Superiority

The belief that a particular race or ethnicity is superior to others and deserves to dominate, lead, or be given preferential treatment.

Classification

The systematic arrangement or categorization of entities based on shared qualities or characteristics.

Minority Group

A category of people who experience relative disadvantage as compared to members of a dominant social group within the same society.