Reference no: EM132725595

Question 1: Which of the following is most likely an acceptable measurement for agricultural produce Initial measurement Subsequent measurement

Option 1: fair value less costs to sell cost

Option 2: fair value less costs to sell lower of cost and NRV

Option 3: fair value lower of cost and FV less costs to sell

Option 4: fair value less costs to sell fair value less costs to sell

Question 2: Biological assets and agricultural produce are recognized when all of the following are present except

Option 1: control

Option 2: probable future economic benefits

Option 3: probable future event

Option 4: fair value or cost can be measured reliably

Question 3: Which of the following is considered a biological asset?

Option 1: Carcass

Option 2: Ham

Option 3: Pig

Option 4: Piggy bank

Question 4: Which of the following is considered an agricultural produce?

Option 1: eggs to be hatched into chicks

Option 2: condensed milk

Option 3: dairy cow

Option 4: felled trees

Question 5: Which of the following is considered an inventory rather than agricultural produce at the point of harvest?

Option 1: Harvested cotton

Option 2: Harvested cane

Option 3: Tea

Option 4: Picked leaves

Question 6: Which of the following is considered an agricultural activity under PAS 41?

Option 1: fishing in the open seas

Option 3: illegal logging

Option 4: floriculture

Option 5: farming in the computer or cellphone

Question 7: Which of the following is considered a bearer plant?

Option 1: Palm oil

Option 2: Corn oil

Option 3: Baby oil

Option 4: Oil palm