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Financial ABV Exam
Accredited in Business Valuation (ABV) (Page 7 )

Updated On: 12-Jan-2026
Page 7 of 70
PDF with 344 Questions

If the level of inventory declines over the course of the year that is, withdrawals from inventory exceed purchases an accounting phenomenon known as:

  1. LIFO liquidation
  2. FIFO liquidation
  3. Process liquidation
  4. Market liquidation

Answer(s): A



To present data in conformance with Generally Accepted Accounting Principles (GAAP) and any industry accounting principles to eliminate nonrecurring items is called:

  1. Inventory Accounting
  2. Normalizing Adjustments
  3. Enterprise Adjustments
  4. Perspective Accounting

Answer(s): B



The IRC limits an individual taxpayer's charitable deduction each year to a percentage of adjusted gross income, depending on:

  1. The value of gift
  2. The type of gift
  3. The fair market price of gift
  4. Valuation advisories

Answer(s): B



No deduction is allowed for any charitable contribution of or more unless the taxpayer substantiates the contribution by a contemporaneous written acknowledge from the donee organization of the contribution.

  1. $300
  2. $400
  3. $350
  4. $250

Answer(s): D



Various transactional and taxation events may occur that change the taxpayer's original basis in the property. These events usually _the original basis.

  1. Increase
  2. Decrease
  3. Increase or decrease
  4. It depends

Answer(s): C



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