1. Which of the following is considered a bearer plant to be accounted for under PAS 16? a. Palm oil c. Vegetable oil b. Corn oil d. Oil palm
1. Which of the following is considered a bearer plant to be accounted for under PAS 16?
a. Palm oil c. Vegetable oil
b. Corn oil d. Oil palm
2. Which of the following is considered an agricultural activity under PAS 41?
a. fishing in the open seas c. floriculture
b. illegal logging d. farming in the cellphone
3. PAS 41 is applicable to which of the following?
a. expensive plants used for beautification
b. living animal used as transportation vehicle by company executive
c. fishes in the fishpond being grown to be sold to consumers
d. all of these
4. Biological assets are measured as follows
Initial Subsequent
a. cost fair value less costs to sell
b. fair value fair value
c. fair value lower of cost and fair value less cost to sell
d. fair value less costs to sell fair value less costs to sell
5. Which of the following s most likely an acceptable measurement for agricultural produce
Initial Subsequent
a. fair value less costs to sell cost
b. fair value less costs to sell lower of cost and NRV
c. fair value lower of cost and fair value less cost to sell
d. fair value less costs to sell fair value less costs to sell
6. ABC Co.’s biological asset has a fair value less costs to sell of P 100,000 and P120,000, respectively. The year-end
a. a credit to unrealized gain of P 20,000 to be recognized in profit or loss
b. a credit to unrealized gain of P 20, 000 to be recognized in other comprehensive income
c. a debit to unrealized gain of P 20,000 to be recognized in profit or loss
d. none of these
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