1-Change in fair value of the biological assets between the beginning balance and ending balance should be classified to: a. price change and physical change p. price change and quality change c. price change and quantity change d. quantity change and quality change
1-Change in fair value of the biological assets between the beginning balance and ending balance should be classified to: a. price change and physical change p. price change and quality change c. price change and quantity change d. quantity change and quality change
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![1-Change in fair value of the biological assets
between the beginning balance and ending
balance should be classified to:
a. price change and physical change
b. price change and quality change
c. price change and quantity change
d. quantity change and quality change
2-which of the following would not be
measured at fair value less expenses to sell:
a. herd of sheep
b. wheat and maize
C. apples were detached today from the tree
d. cheese that was produced from milk cow
3-the basis that we use to prepare the four
financial statements is/are:
a. cash basis
b. both accrual and cash basis
c. fund basis
d. accrual basis
4-price change and physical changes of fair
value must appear respectively in:
a. income statement and other
comprehensive income
b. other comprehensive income and income
statement
c. income statement and retained earnings
statement
d. income statement and income statement](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F61c25c08-ede0-4c89-bfd3-cb94829ed323%2Fc8ef20e2-58f1-464f-bad8-b23c67219c5e%2F0bhvqmi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1-Change in fair value of the biological assets
between the beginning balance and ending
balance should be classified to:
a. price change and physical change
b. price change and quality change
c. price change and quantity change
d. quantity change and quality change
2-which of the following would not be
measured at fair value less expenses to sell:
a. herd of sheep
b. wheat and maize
C. apples were detached today from the tree
d. cheese that was produced from milk cow
3-the basis that we use to prepare the four
financial statements is/are:
a. cash basis
b. both accrual and cash basis
c. fund basis
d. accrual basis
4-price change and physical changes of fair
value must appear respectively in:
a. income statement and other
comprehensive income
b. other comprehensive income and income
statement
c. income statement and retained earnings
statement
d. income statement and income statement
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