List and Briefly Describe the Three Levels of Inputs Described

question 8

Essay

List and briefly describe the three levels of inputs described in the fair-value measurement hierarchy.

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Definitions:

Form 2106

A tax form used by employees to deduct work-related expenses not reimbursed by their employer when such expenses exceed 2% of their adjusted gross income.

Schedule C

A tax form used by sole proprietors in the United States to report their business income and expenses to the IRS.

Form 1040

The routine IRS document prepared by individuals to declare their income for the tax year on an annual basis.

Qualified Education Loan

A loan taken out solely to pay qualified higher education expenses for the borrower, the borrower's spouse, or the borrower's dependent.