What Is the Level at Which an Asset or a Liability

question 15

Multiple Choice

What is the level at which an asset or a liability is aggregated or disaggregated for recognition purposes?

• A) Transaction
• B) Unit of account
• C) Balance Sheet
• D) Corporate

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Definitions:

Stocks

Shares of ownership in a company that entitle the holder to a claim on part of the company’s assets and earnings.

Present Value

The current-day worth of an anticipated future money amount or cash flow sequences, calculated using a particular rate of return.

Received

Refers to any amount of money received by a party or business, usually in the context of payments for goods or services.

Annually

Pertaining to an event or activity that occurs once every year.