ABA CTFA Practice Test - Questions Answers, Page 85
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___________ is the price in a hypothetical transaction at the measurement date in the market in which the reporting entity would transact for the asset or liability
The market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability is known as:
The highest and best use of the asset is ___________, if the asset would provide maximum value to market participants principally on the standalone basis.
The risk that the obligation will not be fulfilled and affects the value at which the liability is transferred is known as:
Valuation technique should be used to measure fair value and is consistent with:
What uses valuation techniques to convert future amounts to a single present amount?
The amount that currently would be required to replace the service capacity of an asset is called:
A change in __________ or its application is appropriate if the change results in a measurement that is equally or more representative of fair value in the circumstances.
To avoid double counting or omitting the effects of risks factors what should reflect assumptions that are consistent with those inherent in the cash flows?
What technique uses a risk-adjusted discount rate and contractual, promised, or most likely cash flows?
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