Biological Asset

According to​ International​ accounting​ standard​ 41 (IAS 41), Biological​ asset​ is​ measured by​ fair​ value​ -​ buying​ costs.

• True

• False

How​ to​ classify the​ Biological​ asset?

i.​ Mature &​ immature Biological​ asset

ii.​ Consumeable &​ bearer Biological​ asset

iii.​ Agriculture &​ non-agriculture Biological​ asset

• i only

• i & ii

• All of the above

• None of the above

Which​ accounting​ standard​ is​ applied to​ Biological​ asset, except for​ bearer​ plant​ that​ related​ to​ agriculture​ activity?

• MFRS​ 141 ​

• MFRS​ 102

• MFRS​ 15

• None​ of​ the​ above​

A gain arising from the initial recognition of

a biological asset should

• Be recognized in profit or loss

• Be recognized in other comprehensive income

• Be recognized as prior period adjustment

• Not be recognized

Which of the following is not an agricultural activity?

• Tuna fishing from ocean

• Farming of mollusks

• Farming of fish

• Raising domesticated animals in an agricultural setting to produce commodities

In all cases, an entity measures agricultural produce at the point of harvest at its fair value less costs to sell.

• True

• False

The measurement of biological assets involved in agricultural activities should be based on

• Net realizable value

• Historical cost

• Fair value approach

• Replacement cost

An entity shall recognise a biological asset or agricultural produce when and only when :

• The entity controls the asset as a result of past events

• It is probable that future economic benefits associated with the asset will flow to the entity

• The fair value or cost of the asset can be measured reliably

• All of these

When biological assets are physically attached to the land and active market only exist for the combined assets

• Use the fair value of the combined assets less fair value of the land and land improvements

• Use cost less accumulated depreciation less accumulated impairment losses

Any changes in fair value less costs to sell should be included in profit or loss for the period in which it arises

• True

• False