Which of the Following Measurements Is Unlikely to Form Part

question 61

Multiple Choice

Which of the following measurements is unlikely to form part of any new accounting standard for the extractive industries?

• A) historical
• B) fair value
• C) present value
• D) market value

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Definitions:

Government's Finances

An overview of the financial activities, performance, and condition of a governmental entity, including revenues, expenditures, and debt levels.

Financial Position

A snapshot of what a company owns and owes, as well as the amount invested by shareholders, often represented by the balance sheet.

Fiduciary Fund

A fund held by an entity in a trustee or agent capacity for others and is often used for specific purposes or persons, such as pension funds or estates.

Reserve Fund

A savings or fund set aside for future expenses, emergencies, or capital projects.