Answer:
The correct answers that fills the gaps are: Books; Market.
Step-by-step explanation:
Measurement is the process of determining the monetary amounts in which an entity measures the assets, liabilities, income and expenses in its financial statements. The measurement involves the selection of a measurement base.
The IFRS for SMEs specifies the measurement bases that an entity will use for many types of assets, liabilities, income and expenses.
Two usual measurement bases are historical cost and fair value.
(a) For assets, the historical cost is the amount of cash or cash equivalents paid, or the fair value of the consideration given to acquire the asset at the time of acquisition. For liabilities, the historical cost is the amount received in cash or cash equivalents or the fair value of the non-monetary assets received in exchange for the obligation at the time it is incurred, or in some circumstances (for for example, income taxes), the amounts of cash or cash equivalents that are expected to be paid to settle the liability in the normal course of business. The amortized historical cost is the historical cost of an asset or liability plus or minus the part of its historical cost previously recognized as expense or income.
(b) Fair value is the amount for which an asset can be exchanged, or a liability canceled, between an interested and duly informed buyer and seller, who carry out a transaction under conditions of mutual independence.