Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 891 views

    Activity 9 Chapter 22 With Answers

    Uploaded by

    Rocel Casilao Domingo
    This document contains 15 multiple choice questions about accounting for biological assets and agricultural activity according to IFRS standards. Key points covered include: - Biological assets are living animals or plants that must be separately disclosed on the statement of financial position and measured at cost. - Agricultural activity involves managing biological transformation and harvest of biological assets for sale or conversion into additional biological assets or agricultural produce. - Biological assets include bearer plants used for agricultural production over multiple periods. Bearer plants are classified as property, plant, and equipment under IFRS standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Activity 9 Chapter 22 With Answers

    Uploaded by

    Rocel Casilao Domingo
    891 views3 pages
    This document contains 15 multiple choice questions about accounting for biological assets and agricultural activity according to IFRS standards. Key points covered include: - Biological assets are living animals or plants that must be separately disclosed on the statement of financial position and measured at cost. - Agricultural activity involves managing biological transformation and harvest of biological assets for sale or conversion into additional biological assets or agricultural produce. - Biological assets include bearer plants used for agricultural production over multiple periods. Bearer plants are classified as property, plant, and equipment under IFRS standards.

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains 15 multiple choice questions about accounting for biological assets and agricultural activity according to IFRS standards. Key points covered include: - Biological assets are living animals or plants that must be separately disclosed on the statement of financial position and measured at cost. - Agricultural activity involves managing biological transformation and harvest of biological assets for sale or conversion into additional biological assets or agricultural produce. - Biological assets include bearer plants used for agricultural production over multiple periods. Bearer plants are classified as property, plant, and equipment under IFRS standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    891 views3 pages

    Activity 9 Chapter 22 With Answers

    Uploaded by

    Rocel Casilao Domingo
    This document contains 15 multiple choice questions about accounting for biological assets and agricultural activity according to IFRS standards. Key points covered include: - Biological assets are living animals or plants that must be separately disclosed on the statement of financial position and measured at cost. - Agricultural activity involves managing biological transformation and harvest of biological assets for sale or conversion into additional biological assets or agricultural produce. - Biological assets include bearer plants used for agricultural production over multiple periods. Bearer plants are classified as property, plant, and equipment under IFRS standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Activity 9_CFAS

    1. Biological assets
    a. Are found only in Biotech entities
    b. Are living animals or living plants and must disclosed as a separate line item in the statement
    of financial position?
    c. Must be measured at cost
    d. Do not generally have future economic benefit
    Answer: B

    2. It is management by an entity of the biological transformation and harvest of biological assets


    for sale or for conversion into agricultural produce or into additional biological asset.
    a. Agricultural activity
    b. Biological activity
    c. Economic activity
    d. Development activity
    Answer: A

    3. Biological transformation ‘results from asset changes through all of the following, except.
    a. Growth
    b. Degeneration
    c. Procreation
    d. Production of agricultural produce
    Answer: D

    4. Agricultural activity results in which of the following type of asset?


    a. Biological asset
    b. Agricultural produce
    c. Biological asset and agricultural produce
    d. Neither biological asset nor agricultural produce
    Answer: C

    5. Agricultural activity includes all of the following, except


    a. Raising livestock
    b. Perennial cropping
    c. Aquaculture
    d. Ocean fishing
    Answer: D
    6. Which statement is true about biological assets?
    a. Biological assets are measured at fair value less cost of disposal
    b. When fair value cannot be determined reliably, the biological asset shall be measured at cost
    less accumulated depreciation and impairment.
    c. There is a presumption that the fair value of biological asset can be measure reliably.
    d. All of these statements are true about biological assets.
    Answer: D

    7. Agricultural produce is
    a. The harvested product from biological asset.
    b. Measured at the time of harvest at the cost of production.
    c. Measured at each reporting period at fair value less cost of disposal.
    d. All of the choices are correct regarding agricultural produce.
    Answer: A

    8. Agricultural produced as it grows on bearer plant is measured at the end of each reporting
    period prior to harvest at.
    a. Fair value
    b. Fair value less cost of disposal
    c. Fair value plus cost of disposal
    d. Fair value less cost of disposal at the point of harvest
    Answer: B

    9. Agricultural produce harvested from bearer plant is measured at


    a. Fair value
    b. Fair value less cost of disposal at the point of harvest
    c. Cost less of disposal
    d. Fair value plus cost of disposal at the point of harvest
    Answer: B

    10. A bearer is a living plant that


    a. Is used the production or supply of agricultural produce
    b. Is used to bear produce for more than one period
    c. As a remote likelihood of being sold as agricultural produce, except for incidental scrap sales
    d. Must possess all of these characteristics
    Answer: D
    11. All of the following can be considered bearer plant, except
    a. Coconut tree
    b. Grape vine
    c. Rubber tree
    d. Tree in a forest plantation to be harvested and sold as log and lumber
    Answer: D

    12.A living plant with the dual use is classified as


    a. Bearer plant
    b. Biological asset
    c. Investment property
    d. Inventory
    Answer: B

    13.According to IASB, bearer plants are accounted for as


    a. Biological assets with disclosure
    b. Biological assets without closure
    c. Property, plant and equipment
    d. Non-current investment
    Answer: C

    14. Mature bearer plant is measured using


    a. Cost model
    b. Revaluation model
    c. Either cost model or Revaluation model
    d. Either cost model or fair value model
    Answer: C

    15.According to IASB, bearer animals are accounted for as


    a. Biological assets
    b. Property, plant and equipment
    c. Investment property
    d. Intangible asset
    Answer: A

    You might also like