IFRS 13 gives guidance of determining fair value. According to this standard, which of the following best describes Level 1 inputs?

options:

	are more objective.
	are used when level 3 inputs are not available.
	are the lowest-quality inputs but provide the best-quality fair value.
	are generally not observable in various markets.

The 2019 and 2020 financial statements of Banana Inc. contained the following errors:

______2019______ 2020 __

Insurance expense 4,800 understated 2,600 overstated

Depreciation expense 3,000 overstated 3,000 overstated

Assuming that none of the errors were detected or corrected, by what amount will 2019 income before taxes be overstated or understated?

options:

	$7,800 understated
	$7,800 overstated
	$1,800 understated
	$1,800 overstated

Which of the following is a current asset?

options:

	Accounts Receivable
	cash designated for the purchase of property, plant and equipment
	investment in associates (significant influence investments)
	intangible assets