Inventory & Biological Asset

Inventory & Biological Asset

1st - 5th Grade

15 Qs

quiz-placeholder

Similar activities

Grade 2 - Pollution and Climate Change

Grade 2 - Pollution and Climate Change

1st - 2nd Grade

10 Qs

Vikings Review #2

Vikings Review #2

4th - 6th Grade

10 Qs

G5 - Recap Activity - Unit 1 - Lessons 1 and 2

G5 - Recap Activity - Unit 1 - Lessons 1 and 2

5th Grade

10 Qs

Chhotu's House

Chhotu's House

3rd Grade

15 Qs

Modern History of Spain: 1492-1700

Modern History of Spain: 1492-1700

5th Grade

20 Qs

Grade 5

Grade 5

5th Grade

10 Qs

Life in Mountains and Deserts

Life in Mountains and Deserts

1st Grade

18 Qs

Unit 3: Innovation

Unit 3: Innovation

2nd Grade

18 Qs

Inventory & Biological Asset

Inventory & Biological Asset

Assessment

Quiz

Social Studies

1st - 5th Grade

Practice Problem

Easy

Created by

afifah rohadatulaisy

Used 10+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Inventories should be measured at the lower of cost and net realisable value

False

True

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does NOT form part of cost of inventory?

Costs to bring into current location & condition

Conversion costs

Selling costs

Purchase price

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The net realisable value of an item is essentially its net selling proceeds after all costs have been deducted

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

IAS 41 deals with accounting for the period as plants / animals grow.. until Harvest

Do you think it also deals with land on which these plants / animals grow?

No

Yes

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

So we buy some plants (or an animal) - what do you think the standard calls these?

Biological assets

Aniplants

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

if we buy some biological assets - at what value shall we put them on the SFP?

Zero

Fair value less costs to sell

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

So we have had these biological assets for a year - and they still haven't harvested - what do you think we should do at the year end?

(Don't forget animals and plants GROW)

Revalue them

Leave them at cost

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?