Biological Asset

What is the fair value of the cattle (excluding Central Visayas Region) at November 1, 2013?

• 93 million

• 64 million

• 63 million

• 48 million

What is the fair value of the cattle (excluding Central Visayas Region) at October 31, 2014?

• 106.5 million

• 113.5 million

• 63 million

• 48 million

What is the increase in fair value of the cattle (exluding Central Visayas region) due to price change?

• 10.7 million

• 12.8 million

• 9.2 million

• 16.7 million

What is the increase in fair value of the cattle (excluding Central Visayas Region) due to physical change?

• 9.2 million

• 11.8 million

• 18.5 million

• 9.4 million

On October 31, 2014, the cattle in the Central Visayas region would be valued at

• 39 million

• 3 million

• 4 million

• 5 million

What amount of gain should be recognized on the change in fair value of Mango’s mango farm?

• 150,000

• 45,000

• 90,000

• 135,000

At what amount should the mangoes harvested be initially recorded on Mango’s books?

• 90,000

• 105,000

• 60,000

• 150,000

What is the total effect on income for the quarter related to Mango’s Biological asset and agricultural produce?

• 150,000

• 45,000

• 15,000

• 60,000

Which of the following statements is true about biological assets?

• Biological assets are only found in Biotech entities.

• Biological assets are living animals or plants and must be disclosed as a separate item in the statement of financial position

•    Biological assets must be valued at cost.

•    Biological assets do not generally have future economic benefits.

How much of the increase in the fair value of the biological assets due to price change?

• 115,000

• 130,000

• 180,000

• 190,000