American Bankers Association CTFA Certified Trust and Financial Advisor Exam Practice Test

Monetary items and non-monetary items carried at market value are translated into the reporting currency at the rate of exchange in effect on the balance sheet date under:

What is made on an instrument-by-instrument basis, generally when an instrument is initially recognized in the financial statements?

Fair quoted techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs.

What technique uses a risk-adjusted discount rate and contractual, promised, or most likely cash flows?

To avoid double counting or omitting the effects of risks factors what should reflect assumptions that are consistent with those inherent in the cash flows?

The evaluation and subsequent purchase or sale of investments is based on the judgment of the entity's investment and finance committees.

What encompasses investment income and gains and losses, as well as custody of investment and recordkeeping?