Reference no: EM132757035

Problem 1: Which of the following is accounted for under PAS 41?

a) bearer plants

b) bearer animals

c) government grants related to biological assets measured at cost

d) plants used in landscaping

Problem 2: Which of the following is most likely an acceptable measurement for agricultural produce.

Initial measurement                    Subsequent measurement

a) fair value less cost to sell         a) cost

b) fair value less cost to sell         b) lower of cost and Net Realizable Value

c) fair value                                c) lower of cost and FV less cost to sell

d) fair value less cost to sell               d) fair value less cost to sell