Under FASB 157, Level _______ assets valuation are based on management's best judgment of what the underlying asset is worth.
A) 1
B) 2
C) 3
D) 4
E) 5

Question

Quizplus · Accepted Answer

Level 3 assets are valued based on management's best judgment and are considered the least liquid and most difficult to value. Levels 1 and 2 are based on observable market data or other identical assets, making them easier to value. Levels 4 and 5 are rarely used.

Under FASB 157, Level _______ Assets Valuation Are Based on Management's