1-Change in fair value of the biological assetsbetween the beginning balance and endingbalance should be classified to:a. price change and physical changeb. price change and quality changec. price change and quantity changed. quantity change and quality change2-which of the following would not bemeasured at fair value less expenses to sell:a. herd of sheepb. wheat and maizeC. apples were detached today from the treed. cheese that was produced from milk cow3-the basis that we use to prepare the fourfinancial statements is/are:a. cash basisb. both accrual and cash basisc. fund basisd. accrual basis4-price change and physical changes of fairvalue must appear respectively in:a. income statement and othercomprehensive incomeb. other comprehensive income and incomestatementc. income statement and retained earningsstatementd. income statement and income statement

1. Biological assets - Those living plant or animal, owner of which is a business it termed as…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

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

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