AASB 13 Defines Fair Value Measurement As

question 50

Multiple Choice

AASB 13 defines fair value measurement as:

• A) the price that would be received to buy an asset or received to transfer a liability in an orderly transaction between market participants at the due date.
• B) the price that would be paid to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the due date.
• C) the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
• D) the price that would be estimated to sell an asset or to transfer a liability in an orderly transaction between market participants at the measurement date.

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Definitions:

Sales Receipt

A document that provides evidence of a transaction in which goods or services are purchased and paid for in full at the time of the sale.

Time of Sale

The exact moment a transaction is completed and finalized, often referring to the point when a customer makes a payment to a merchant in exchange for goods or services.

Cash

Money in the form of coins or banknotes, especially that used to pay for goods or services.

Track Sales

The process of monitoring and recording sales transactions to analyze performance and trends over time.