Test Urself for FAR570

Test Urself for FAR570

University

10 Qs

quiz-placeholder

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Test Urself for FAR570

Test Urself for FAR570

Assessment

Quiz

Education

University

Practice Problem

Medium

Created by

Azmira Abdullah

Used 15+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

​ Fair value is defined as the price that would be received to sell an __________ or paid to transfer a ________ in an _________ between _________ at the current measurement. ​

Orderly transaction, asset, liability, market participants

Liability, asset, orderly transaction, market participants

Asset, liability, market participants, orderly transaction

Market participants, asset, liability, orderly transaction

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The characteristics of market participants are as follows, EXCEPT

Knowledgeable

Independent

Willingness

Recognisable

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fair value is _______________ measurement and it is not _______________ measurement.

Market based, entity specific

Entity specific, market based

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Fair value of an asset or liability has to be determined by the following factors:

Price

Characteristics

Market

Economic benefits

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The fair value of ____________ is based on the highest and best use of the asset as determined by the market participants.

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The fair value of __________ is based on its market price at year end.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Malaysian Financial Reporting Standard (MFRS) that provides guidance on how to measure

fair value refer to:

MFRS 3

MFRS 13

MFRS 113

MFRS 131

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