
Inventory & Biological Asset
Quiz
•
Social Studies
•
1st - 5th Grade
•
Practice Problem
•
Easy
afifah rohadatulaisy
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15 questions
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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
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