The FASB Has Set a Hierarchy of Inputs to Consider

question 68

Multiple Choice

The FASB has set a hierarchy of inputs to consider in assessing fair value.Which of the following relates to Level 1?

• A)Quoted prices for identical items in active,liquid,and visible markets.
• B)Unobservable inputs to be used in illiquid situations.
• C)Observable information for similar items in active or inactive markets.
• D)Unobservable inputs to be used in situations where markets don't exist.

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