In Auditing an Asset Valued at Fair Value,which of the Following

question 88

Multiple Choice

In auditing an asset valued at fair value,which of the following potentially provides the auditor with the strongest evidence?

• A)A price for a similar asset obtained from an active market.
• B)An appraisal obtained discounting future cash flows.
• C)Management's judgment of the cost to purchase an equivalent asset.
• D)The historical cost of the asset.

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