BIOLOGICAL ASSETS

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Biological assets

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are living animals or living plants that produce agricultural harvest.

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It is the 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

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agricultural activity  

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Biological transformation results from asset changes through all of the following except: Increase in quantity or quality of biological assets being bred., Production of raw materials to be sold., degeneration in quantity or quality., procreation of additional living plants or animals.

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Production of raw materials to be sold.

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Agricultural activity results in which type of asset?

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biological asset and/or agricultural produce

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An example of an agricultural activity

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harvesting

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Which statement is true about biological assets?

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All of the choices

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A bearer plant is a living plant that...

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All of the choices

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All of the following can be considered bearer plant, except: Mango tree, apple trees, Grave vines, Tree in a forest plantation to be harvested and sold as log or lumber.

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Tree in a forest plantation to be harvested and sold as log or lumber

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A living plant with a dual use is classified as

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Biological asset

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According to the standards, bearer plants are recorded as...

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Property, Plant and Equipment