Which statement is true for measuring asset at a fair value

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Reference no: EM132805685

Problem 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

Problem 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

Problem 3: Which statement is true for measuring an asset at a fair value?

a. The price of the asset should be adjusted for transaction cost.

b. The fair value of the asset should be adjusted for cost of disposal.

c. The fair value is based upon an entry price to purchase the asset

d. The price should be adjusted for cost to transport the asset to principal market.

Reference no: EM132805685

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