Agriculture

Question 1

It means farming or the process of producing crops and raising livestock.

Answer 1

Agriculture

Question 2

It prescribed the accounting and disclosures for agricultural and related activity.

Answer 2

PAS 41

Question 3

it applies to agricultural produce only at the point of harvest.

Answer 3

PAS 41

Question 4

After harvest, PAS 2 Inventories or other applicable standard is applied.

Answer 4

PAS 41

Question 5

Applies to the following when they relate to agricultural activity:

Answer 5

a. Biological assets, except bearer plants;

b. Agricultural produce at the point of harvest; and

c. Unconditional government grants related to a biological asset measured at its fair value less costs to sell.

Question 6

PAS 41 does not apply to the following:

Answer 6

a. Land related to agricultural activity (PAS 16 and PAS 40)

b. Bearer plants (PAS 16). However, PAS 41 applies to the produce on those bearer plants

c. Government grants related to bearer plants (PAS 20)

d. Intangible assets related o agricultural activity (PAS 38)

Question 7

“a living animal or plant.” (PAS 41.5)

Answer 7

Biological Asset

Question 8

“___” means life.

Answer 8

Bio

Question 9

__________ things cannot qualify as biological assets.

Answer 9

Non-living

Question 10

“those that are to be harvested as agricultural produce or sold as a biological assets.” PAS 41.44:

Answer 10

Consumable biological assets

Question 11

Those that are held to bear produce.

Answer 11

Bearer biological assets

Question 12

Biological assets can either:

Answer 12

a. Consumable biological assets

b. Bearer biological assets - those that are held to bear produce.

Question 13

Living Plants/Animals

Answer 13

Living animals - consumable/bearer (Biological assets)

Living plants - are biological assets only if consumable.