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11. Which of the following is considered a bearer plant to be accounted for under PAS 16? c. Vegetable oil d. Oil palm a. Palm oil b. Com oil 12. Which of the following is considered an agricultural activity under PAS 41? c. floriculture d. farming in the cellphone a. fishing in the open seas b. illegal logging 13. PAS 41 is applicable to which of the folowing? a expensive plants used for beautification

11. Which of the following is considered a bearer plant to be accounted for under PAS 16? c. Vegetable oil d. Oil palm a. Palm oil b. Com oil 12. Which of the following is considered an agricultural activity under PAS 41? c. floriculture d. farming in the cellphone a. fishing in the open seas b. illegal logging 13. PAS 41 is applicable to which of the folowing? a expensive plants used for beautification

FINANCIAL ACCOUNTING
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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11. Which of the following is considered a bearer plant to be accounted for under PAS 16? c. Vegetable oil d. Oil palm a. Palm oil b. Com oil 12. 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 13. PAS 41 is applicable to which of the following? a expensive plants used for beautification 36 b. living animal used as transortation vehicle by company executive c. fishes in the fishpond being grown to be sold to consumers d all of these 14. Biological assets are measured as follows hitial 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 15. Which of the following s most likely an acceptable measurement for agricultural produce hitial 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 16. ABC Co.'s biological asset has a fair value less costs to sell of P 100,000 and P120,000, respectively. The year-end adjusting entry will most likely include 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 ncome a a debit to unrealized gain of P 20,000 to be recognized in profit or loss d. none of these
Transcribed Image Text:11. Which of the following is considered a bearer plant to be accounted for under PAS 16? c. Vegetable oil d. Oil palm a. Palm oil b. Com oil 12. 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 13. PAS 41 is applicable to which of the following? a expensive plants used for beautification 36 b. living animal used as transortation vehicle by company executive c. fishes in the fishpond being grown to be sold to consumers d all of these 14. Biological assets are measured as follows hitial 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 15. Which of the following s most likely an acceptable measurement for agricultural produce hitial 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 16. ABC Co.'s biological asset has a fair value less costs to sell of P 100,000 and P120,000, respectively. The year-end adjusting entry will most likely include 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 ncome a a debit to unrealized gain of P 20,000 to be recognized in profit or loss d. none of these
11. Which of the following is considered a bearer plant to be accounted for under PAS 16? c. Vegetable oil d. Oil palm a. Palm oil b. Com oil 12. 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 13. PAS 41 is applicable to which of the following? a expensive plants used for beautification 36 b. living animal used as transortation vehicle by company executive c. fishes in the fishpond being grown to be sold to consumers d all of these 14. Biological assets are measured as follows hitial 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 15. Which of the following s most likely an acceptable measurement for agricultural produce hitial 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 16. ABC Co.'s biological asset has a fair value less costs to sell of P 100,000 and P120,000, respectively. The year-end adjusting entry will most likely include 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 ncome a a debit to unrealized gain of P 20,000 to be recognized in profit or loss d. none of these
Transcribed Image Text:11. Which of the following is considered a bearer plant to be accounted for under PAS 16? c. Vegetable oil d. Oil palm a. Palm oil b. Com oil 12. 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 13. PAS 41 is applicable to which of the following? a expensive plants used for beautification 36 b. living animal used as transortation vehicle by company executive c. fishes in the fishpond being grown to be sold to consumers d all of these 14. Biological assets are measured as follows hitial 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 15. Which of the following s most likely an acceptable measurement for agricultural produce hitial 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 16. ABC Co.'s biological asset has a fair value less costs to sell of P 100,000 and P120,000, respectively. The year-end adjusting entry will most likely include 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 ncome a a debit to unrealized gain of P 20,000 to be recognized in profit or loss d. none of these
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