Once an Entity Elects to Value a Class of Assets

question 4

True/False

Once an entity elects to value a class of assets using fair value it can switch back to cost basis measurement as long as there is justifiable reason.

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Definitions:

Classical Conditioning

A learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus.

Core Principles

Fundamental beliefs or guidelines that underpin a theory, practice, or discipline.

Electroconvulsive Therapy

A psychiatric treatment in which seizures are electrically induced in patients to provide relief from severe mental disorders, particularly major depressive and bipolar disorders.

Hormone System

Also known as the endocrine system, it's a network of glands and organs that produce, store, and secrete hormones to regulate the body's functions.