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# Financial Reporting

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## Quiz 35 : Agriculture

Whiting Limited operates a fish farm. AASB 141/IAS 41 requires live immature fish to be valued at:
Free
Multiple Choice

C

The recognition criteria contained within AASB 141/IAS 41 in relation to recognition of a biological asset or agricultural produce as an asset includes all the following except for:
Free
Multiple Choice

A

AASB 141/IAS 41 considers that there are three common features to agricultural diversity. These three features are: I. Capability to change. II. Change transformation. III. Management of change. IV. Measurement of change.
Free
Multiple Choice

C

Under AASB 141/IAS 41, which of the following is a biological asset?
Multiple Choice
Which of the following is a product resulting from agricultural produce?
Multiple Choice
When determining the fair value of biological assets when there is no market price for that asset in its present condition AASB 141/IAS 41 requires that:
Multiple Choice
The entry required when an animal is born on a pig farm is:
Multiple Choice
Which of the following are reasons why the IASC felt that agriculture was an industry that needed its own industry specific standard? I. Agriculture was considered to be an emerging industry at that time. II. The specific exclusion of assets related to agricultural activity from other standards. III. The nature of agricultural activity had created uncertainty or conflicts when applying traditional accounting models. IV. Accounting guidelines for agricultural activity previously developed by national standard setters had been piecemeal.
Multiple Choice
AASB 141/IAS 41 requires that biological assets be measured on initial recognition and at the end of each reporting period:
Multiple Choice
AASB 141/IAS 41 applies to accounting for which of the following when they relate to agricultural activity? I. Biological assets. II. Government grants. III. Agricultural produce. IV. Land related to agricultural activity.
Multiple Choice
Which standard was issued in 2011 that amended AASB 141/IAS 41?
Multiple Choice
Which of the following statements is incorrect?
Multiple Choice
Which of the following meets the definition of agricultural produce?
Multiple Choice
At 30 June 2021 the fair value of Green Valley's vineyard is $2.25 million. At 30 June 2022 the following information is available: Fair value of vines prior to harvest at 31 March 2022$2 400 000 Fair value of grapes harvested at 31 March 2022 $800 000 Estimated costs to sell - grapes$30 000 Estimated costs to sell - vines $40 000 There have been no changes in fair values between 1 April and 30 June 2022. At 30 June 2022, the vines will be recorded in Green Valley's financial statements at an amount of: Multiple Choice Answer: Which of the following is not a cost to sell? Multiple Choice Answer: It is common for companies applying AASB 141/IAS 41 to: Multiple Choice Answer: At 30 June 2021, the fair value of Green Valley's vineyard is$2.25 million. At 30 June 2022, the following information is available: Fair value of vines prior to harvest at 31 March 2022 $2 400 000 Fair value of grapes harvested at 31 March 2022$800 000 Estimated costs to sell - grapes $30 000 Estimated costs to sell - vines$40 000 There have been no changes in fair values between 1 April and 30 June 2022. The entry to recognise the grapes at the point of harvest is: