Approximately what percentage of assets reported under fair value by S&P 500 companies currently incorporate level 3 inputs for fair value estimation? Reporting financial assets and liabilities at fair values also is referred to as: If a portfolio manager had to estimate the fair value of publicly traded bonds, which of the following would he/she most likely identify as the level of inputs to determine this? If a portfolio manager had to estimate the fair value of private equity funds invested in a young, privately-held start-up company, which of the following would he/she most likely identify as the level of inputs to determine this? If a portfolio manager had to estimate the fair value of illiquid mortgage-backed securities, which of the following would he/she most likely identify as the level of inputs to determine this? If a portfolio manager had to estimate the fair value of investments in timber, which of the following would he

1. Approximately what percentage of assets reported under fair value by S&P 500 companies currently incorporate level 3 inputs for fair value estimation?

10%

2. Reporting financial assets and liabilities at fair values also is referred to as:

Market-to-market

3. If a portfolio manager had to estimate the fair value of publicly traded bonds, which of the following would he/she most likely identify as the level of inputs to determine this?

Level 1

4. If a portfolio manager had to estimate the fair value of private equity funds invested in a young, privately-held start-up company, which of the following would he/she most likely identify as the level of inputs to determine this?

Level 3

5. If a portfolio manager had to estimate the fair value of illiquid mortgage-backed securities, which of the following would he/she most likely identify as the level of inputs to determine this?

Level 3

6. If a portfolio manager had to estimate the fair value of investments in timber, which of the following would he.she most likely identify as the level of inputs to determine this?

Level 2 or 3

7. If a portfolio manager had to estimate the fair value of real estate, which of the following would he/she most likely identify as the level of inputs to determine this?

Level 2

8. If portfolio manager had to estimate the fair value of privately placed bond issues, which of the following would he/she most likely identify as the level of inputs to determine this?

Level 2

9. All of the following can be used to describe reliability of accounting information except:

biased

10. Relevant asset valuations refer to all of the following except

they are always subjective