In the FASB Hierarchy of Inputs to Consider for Assessing

question 11

Multiple Choice

In the FASB hierarchy of inputs to consider for assessing fair value,which is associated with Level 1?

• A)Observable information on similar items.
• B)Nonexistence of active markets.
• C)Quoted prices on identical items.
• D)Relevant economic and industry factors.

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Definitions:

Personality Traits

Enduring characteristics that describe an individual's behavior, thoughts, and emotions.

Values

Core beliefs or standards that guide behavior and decision-making, both at an individual and organizational level.

Utilitarianism

This is an ethical theory that posits the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.

Schwartz's Values Model

Is a theory that identifies universal values that influence people's behavior and categorizes them into a system that explains human motivation.