Question 1
The majority of financial instruments are valued using
◦ cost.
◦ fair value estimates.
◦ lower of cost or market.
◦ realizable value.
Question 2
The use of unobservable inputs such as a pricing model or discounted cash flow is an example of a level ________ estimate.
◦ 1
◦ 2
◦ 3
◦ 1 and 3