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Describes a principal market for establishing fair value

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Reference no: EM132789535

Porblem 1: Fair value of an asset should be based upon

a. The replacement cost of an asset.

b. The price that would be received to sell the asset at the measurement date.

c. The original cost of the asset.

d. The price that would be paid to acquire the asset

Porblem 2: Which of the following best describes a principal market for establishing fair value of an asset?

a. The market that has the greatest volume and level of activity for the asset

b. Any broker or dealer market

c. The most observable market

d. The market in which the amount received would be maximized

Reference no: EM132789535

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