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Generally Accepted Accounting Principles (GAAP) MCQs

What does the term derivative mean for accounting purposes?

A financial instrument the value of which is derived from another financial instrument

A financial instrument such as a stock or bond

A liability of which the obligation is derived based on interest rates

An asset the value of which is derived by the current trade in value

Answer

Correct Answer: A financial instrument the value of which is derived from another financial instrument

Explanation:

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