Which of the Following Statements Are True

question 75

Multiple Choice

Which of the following statements are true?
I.The initial measurement of financial assets is to be at fair value.
II.The initial measurement of financial liabilities is to be at present value.
III.The initial measurement of financial liabilities is to be at fair value.
IV.The subsequent measurement of financial assets and financial liabilities will be at fair value.
V.The subsequent measurement of financial assets and financial liabilities will be dependent upon the category to which the financial instrument belongs.

• A) I, II and V
• B) I, II and IV
• C) I, III and IV
• D) I, III and V

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Definitions:

Precise Definition

An exact and clear explanation or description of a concept, term, or phenomenon.

Confession Evidence

Testimony or statements admitting to criminal activity, which can be used as evidence in court to support the prosecution’s case against the defendant.

Indicator

A measure or metric used to evaluate or predict the performance, health, or quality of something.

Guilt

A feeling of having done wrong or failed in an obligation, often associated with moral and legal judgment.