After Initially Recording an Asset at Cost,fair Value Is

question 126

Multiple Choice

After initially recording an asset at cost,fair value is

• A)the price at which an asset could be sold in a current transaction between independent parties.
• B)the actual,or historical,price at which the asset was acquired.
• C)the easiest value used to measure and record assets.
• D)verifiable at all future dates by referring to the invoice price paid for the asset.

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Definitions:

Years Of School

The total number of years that an individual has formally attended educational institutions, including both primary and secondary education.

Legacy Factor

The influence of historical achievements or status on present circumstances, often affecting an entity's reputation, opportunities, or resources.

Affirmative Action

A policy that gives preference to women or minority group members if equally qualified people are available for a position, thus compensating for past discrimination.

Professionalization

Takes place when members of an occupation insist that people earn certain credentials to enter the occupation. Professionalization ensures standards and keeps professional earnings high.