The Definition of Fair Value in SFAS No 157FASB ASC

question 27

Multiple Choice

The definition of fair value in SFAS No 157FASB ASC 820) is

• A)Entry price based
• B)Exit price based
• C)Replacement cost based
• D)Historical cost based

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Definitions:

Inventories

Quantifiable collections of goods or materials that a business holds for the purpose of sale or production.

Transportation by Truck

The conveyance of goods and materials by road using trucks, as part of the logistics and freight industry.

Economical

Pertaining to efficient use or management of resources to prevent wasteful expenditures.

Wheel of Retailing

is a concept that illustrates how new retailing forms often start at a low price point with minimal services before evolving into more established forms with higher costs and services.