1. Level 1 of fair value hierarchy measures originally outlined in SFAS No. are based on:

A. Historical cost of similar assets

B. Market prices for identical assets

C. Market prices for similar assets

D. Unobservable inputs

2. Which of the following is the lowest level of the SFAS 157 (FASB ASC 820) fair value hierarchy?

A. Unobservable inputs(that are corroborated by observable market data)

B. Unobservable inputs (that are not corroborated by observable market data)

C. Observable market-based inputs (or unobservable inputs share are corroborated by market data)

D. Quoted market prices for identical assets of liabilities in active markets

3. A basic objective of the statement of cash flows is to

A. Supplant the income statement and balance sheet

B. Disclose changes during the period in all asset and all liability accounts

C. Disclose the change in working capital during the period

D. Provide essential information for financial statements users in making economic decisions