
Biological Asset

Quiz
•
Business
•
University
•
Medium
A180055 LAU LI CHEING
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to International accounting standard 41 (IAS 41), Biological asset is measured by fair value - buying costs.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In all cases, an entity measures agricultural produce at the point of harvest at its fair value less costs to sell.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The measurement of biological assets involved in agricultural activities should be based on
Net realizable value
Historical cost
Fair value approach
Replacement cost
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