Section C Short Answers 30 marks Spend about 60 minutes on this section. As a guide, you should write about 1 sentence per mark Question 3 Measurement 15 marks Required i) Apart from mistakes made by the measurer, briefly outline two other sources of error in measurement, using relevant accounting examples [4 marks]. ii) For each error in (i) above, suggest how it could be avoided or mitigated, using relevant examples [4 marks). iii) IFRS 13 provides a hierarchy for fair value measurement. Distinguish between Level 1 and Level 2, using relevant examples [7 marks). Page 3 of 4 Section C Short Answers 30 marks Spend about 60 minutes on this section. As a guide, you should write about 1 sentence per mark Question 3 Measurement 15 marks Required i) Apart from mistakes made by the measurer, briefly outline two other sources of error in measurement, using relevant accounting examples [4 marks]. ii) For each error in (i) above, suggest how it could be avoided or mitigated, using relevant examples [4 marks). iii) IFRS 13 provides a hierarchy for fair value measurement. Distinguish between Level 1 and Level 2, using relevant examples [7 marks). Page 3 of 4