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

mark-to-market.

2. Shareholders' equity consists of what three components:

Contributed capital, accumulated other comprehensive income, and retained earnings

3. The existence of subjectivity in an asset valuation does not necessarily mean the valuation will not be reliable. All of the following are examples of this except:

where historical cost is used for internally generated intangible asset valuations.

4. The income statement approach to measuring income tax expense

compares revenues and expenses recognized for book and tax purposes, eliminates permanent differences, and computes income tax expense based on book income before taxes excluding permanent differences.

5. The net amount a firm would receive if it sold an asset or the net amount it would pay to settle a liability is referred to as

net realizable value

6. The traditional accounting model delays the recognition of value changes of assets and liabilities until what event occurs?
   Select one:

A market transaction

7. The use of acquisition cost as a valuation method is justified on the basis that acquisition cost is:

objective

8. Use of acquisition costs generally results in more reliable asset and liability valuations than do

current values, appraised values, unrealized cost values

9. U.S. GAAP, IFRS, and other major accounting standards are best characterized as

mixed attribute accounting models

10. Valuation methods that reflect current values or a combination of historical and current values include all of the following except:

adjusted acquisition costs for assets