What is the purpose of the Statement on Standards for Valuation Services (SSVS) No. 1 introduced by the AICPA?
What will be an ideal response?
In June 2007, the AICPA introduced SSVS No. 1, its newly developed standards for BV. Specifically, the standards govern engagements to estimate the value of businesses, business ownership interests, securities, and intangible assets. SSVS No. 1 provides overall BV engagement considerations, along with specific development and reporting guidelines that address many of the issues covered in this chapter. This comprehensive pronouncement includes a sample list of assumptions and limiting conditions, a glossary of valuation terms, and interpretations of the standards.
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Maiko lost her job and she was forced to sell a rental property because she did not have other funds (liquid, emergency, etc) available to meet her financial obligations. What financial principle best applies to this situation?
A) The time value of money B) Waste not, want not—smart spending matters. C) Mind games, financial personality, and your money D) Stuff happens, the importance of liquidity.
Maximum cardinality in an entity-relationship (E-R) diagram refers to the maximum numberof ________
A) normalizations possible in a diagram B) entities that can be involved in a relationship C) identifiers possible in a particular diagram D) attributes associated with an entity