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

See similar textbooks

Related questions

Q: The difference between book value of the asset with the proceeds receive from its sale, with result…

A: Assets: It refers to the economic value of all resources owned by the business at a given point in…

Q: A To adjust CAPEX for taxable income B To isolate changes due to buying or selling of CAPEX C To…

A: The net capital expenditures are the difference between capital investments and depreciation, and…

Q: 4. The most appropriate definition of depreciation is: A. A means of determining the decrease in the…

A: Introduction:- The following methods used to calculate depreciation as follows under:- Straight…

Q: a) Describe the circumstances in which the revaluation model may be used in relation to non-current…

A: The revaluation model may be used in the following circumstances: 1) If the fair value of the…

Q: n of a

A: Definition of an Asset Improvement A capital improvement is a large investment that improves a…

Q: Discuss the key aspects of the 'cost model' and 'revaluation model' for non-current assets, and…

A: solution cost model The model where the non current assets are reported on the…

Q: Steinberg Company produces commercial printers. One is the regular model, a basic model that is…

A: Lets understand the basics. Break even point is a point at which contribution is equal to fixed cost…

Q: re for impairment loss assets, what will happen/effect?

A: Impairment Recognition Business assets should be tested for impairment when a situation occurs that…

Q: Residual value is: A. Also called residual value. B. Also called scrap value. C. An estimate of the…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Define Asset turnover.

A: Ratio analysis It is the financial analysis tool for measuring the profitability, liquidity,…

Q: All of the following items would appear on the balance sheet except Select one: O a. current…

A: A balance sheet is one type of financial document that shows a company's financial situation as of a…

Q: terminology matching asset turnover ratio, current ratio

A: Financial ratios are ratios which helps in understanding the data or the financial statements of the…

Q: Explain how the depreciation method selected affects the balance sheet and income statement

A: Depreciation is the loss in the value of the asset caused due to its usage, wear, and tear. There…

Q: Explain the historical cost concept as it applies to long-term operational assets. Why is the book…

A: The cost of a fixed asset include every expenses incurred in bringing the asset into present…

Q: What is the basis for the estimation of the fair value of the impaired operating resource? For…

A: An asset is said to be impaired if the carrying value or book value of asset is higher than the sum…

Q: In your own view, how important is asset allocation? Discuss the various strategies of asset…

A: Since each asset class comes with a different degree of risk, it becomes important to balance the…

Q: Discuss and explain the tension between “Asset Transformation” and “Asset Conversion”

A: There exists a subtle yet systematic tension between asset transformation and asset conversion. Both…

Q: When using the fair value method, we adjust the reported amount of the investment for changes in…

A: The sales price agreed by the buyer and seller is termed as Fair value assuming both parties are…

Q: Intangible assets are initially recorded at a. expected future value. b. fair value. c. cost. d.…

A: Intangible assets are those which does not have physical substance. It includes copyright, goodwill,…

Q: The amount for which an asset could be exchanged, a liability settled , or an equity instrument…

A: The amount for which an asset could be exchanged, a liability settled , or an equity instrument…

Q: Distinguish between measuring assets based on current cost and historical cost.

Q: Depreciation is a process that involves: a. Increasing the value of assets b. Distributing the cost…

A: Expense is the amount of money incurred by the entity to run the daily operations of the business.…

Q: provide an explanation of the concept of asset acquisition cost

A: The cost incurred in purchasing an asset is referred to as asset acquisition cost. It's beneficial…

Q: the difference between a current asset and a non-current asset? Provide examples of each.

A: Current asset and non current assets both are shown under the asset of the company balance sheet

Q: The generally accepted accounting principle that supports recording the value of a property at the…

A: Correct answer is option 'D' i.e. cost principle. Explanation: Under US GAAP As per cost principle…

Q: Investment properties are measured as follows: Initial…

A: The investment properties are measure Initially at cost and subsequently at cost or fair value.

Q: In what ways might a depreciable asset's estimated service life be influenced?

A: The Answer

Q: Depreciation is a process of Select one a. asset valuation 5. cost alocation Cost accumulation. e…

A: When an asset is purchased and started using its value depreciates due to wear and tear,time…

Q: The allocation of the cost of a tangible asset to expense in the periods in which the asset is used…

A: Tangible assets are physical assets of a company such as land, building, machine which is used to…

Q: The main elements of the relative valuation approach are: a. The valuation target, the comparison…

A: The relative valuation method is a valuation method that will be trying to ascertain the value of…

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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Define each of the following terms:b. Current asset usage policies: relaxed policy, restricted policy, and moderate policy
The difference between the purchase cost of an asset and its value at the end of the life is known as a. Residual value b. Scrap Value c. Depreciable cost d. Amortization cost
Brad's BBQ reported sales of $660,000 and net income of $41,000. Brad's also reported ending total assets of $491,000 and beginning total assets of $384,000. Required: Calculate the return on assets, the profit margin, and the asset turnover ratio for Brad's BBQ. Return on Assets Choose Numerator Choose Denominator Return on Assets Return on assets %3D Profit Margin Choose Numerator Choose Denominator Profit Margin Profit margin %3D II II
Assets are usually valued at? a.Historical Cost b. Residual Value c. Net Realizable Value d. Replacement Cost
Depreciation expense under the invenroty system is a. Based on cost minus residual value b. Basically a FIFO approach to depreciable asset accounting c. The result of applying a depreciation rate to the original cost d. A measure of the change in the value of the depreciable asset
a.The importance of strategic asset allocation,b. Three (3) benefits of using this approach,c. Three (3) factors that could affect how assets are allocated.