Which of the Following Statements About Fair Value Is True

Multiple Choice

Which of the following statements about fair value is true?

A) Level 1 inputs should be used to determine fair value only when Level 2 and Level 3 inputs are not available.
B) Level 3 inputs are observable market prices for similar assets in active markets.
C) Fair value accounting is also known as "mark-to-market" accounting.
D) Fair value is a measure of market-based entry value.