American Bankers Association Certified Trust and Financial Advisor Exam Practice Test

Monetary items and non-monetary items carried at market value are translated into the reporting currency at the rate of exchange in effect on the balance sheet date under:

Put Option is:

What is made on an instrument-by-instrument basis, generally when an instrument is initially recognized in the financial statements?

Fair quoted techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs.

What technique uses a risk-adjusted discount rate and contractual, promised, or most likely cash flows?

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?

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.