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ACYFAR 3 > AGRICULTURE > Flashcards

AGRICULTURE Flashcards

Master Bio Assets

1
Q

What are the two main requisites to classify as Biological Assets?

A
  • Living Plant/Animal
  • related to Agricultural Activities
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2
Q

How to measure a Bearer Plant?

A
  • Cost Less Accumulated Depreciation
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3
Q

TRUE OR FALS:

Bearer Plants recognize depreciation.

A

True.

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4
Q

How do you solve for the measurement of inventory?

A

LCNRV
(Lower of cost and net realizable value)

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5
Q

When or what time do you depreciate bearer plants?

A

When it is MATURE.

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6
Q

What are part of Cost to Sell?

A
  1. Commissions
  2. Levies
  3. Transfer Taxes + Duties
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7
Q

In finding the FVLCTS of a Bio Asset or Agri Produce, what is the treatment of Transport Cost?

A

A deduction to Fair Value
(to find Net Fair Value)

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8
Q

What is the measurement of Biological Assets?

A

FVLCTS

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9
Q

What is the measurement of Agricultural Produce?

A

FVLCTS

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10
Q

What is the hierarchy of the measurement of FVLCTS in terms of the Principal Markets and Active Markets?

A
  1. Principal Market
  2. The highest Active Market
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11
Q

When is there a loss on initial recognition of Biological Assets?

A
  1. Cost of Purchase > FVLCTS
  2. Death of animals
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12
Q

How do you find the Cost of Purchase of Biological Assets?

A

Purchase
Freight or Handling Cost
Import Duties
Non-Refundable Taxes
DACs
—————–
Cost of Purchase

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13
Q

When is there a gain on Initial Recognition?

A

Pag may nanganak na Biological Asset

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14
Q

When will you recognize income from unconditional government grant?

A

When it is a RECEIVABLE.

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15
Q

When will you recognize income from a conditional government grant?

A

When it satisfies all conditions

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16
Q

When will you recognize income from a conditional government grant through the passage of time?

A

Straight Line Method

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17
Q

If you violated a conditional government grant, how much will you return to the government?

A

The whole amount they have given

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18
Q

If you violated a conditional government grant through the passage of time, how much will you return to the government?

A

The amount allocated to the year you violated the contract.

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19
Q

Inventory, Biological Asset, Agricultural Produce, or PPE?

Mature Mango Trees

A

PPE - Mature Mango Trees

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20
Q

Inventory, Biological Asset, Agricultural Produce, or PPE?

Immature Mango Trees

A

PPE - Immature Mango Trees

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21
Q

How do you treat subsequent costs (such as labor, maintenance, etc) when it comes to mature mango trees?

A

Operating Expenses (P/L)

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22
Q

How do you treat subsequent costs (such as labor, maintenance, etc) when it comes to immature mango trees?

A

Capitalizable Costs
(Add to the cost of immature mango trees)

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23
Q

When there’s a writedown of normal loss in inventory, what is the journal entry?

A

Dr Cost of Sales
Cr Allowance for Writedown of Inventory

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24
Q

Gain on IR must be measured at _______.

A

FVLCTS

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25
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Sheep

A

Biological Assets

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26
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Rubber Products

A

Inventory

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27
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Trees in Timber Plantation

A

Biological Assets

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28
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Maize Plants

A

Biological Assets

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29
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Lumber

A

Inventory

30
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Pigs

A

Biological Assets

31
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Roasted Peanuts

A

Inventory

32
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Cotton Plants

A

Biological Assets

33
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Peanut Plants

A

Biological Assets

34
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Sugarcane

A

Biological Assets

35
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Tobacco Plants

A

Biological Assets

36
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Tea Bushes

A

PPE - Bearer Plants

37
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Dairy Cattle

A

Biological Assets

38
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Fruit Trees

A

PPE - Bearer Plants

39
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Tea

A

Inventory

40
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Rubber Trees

A

PPE - Bearer Plants

41
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Yarn

A

Inventory

42
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Carpet

A

Inventory

43
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Logs

A

Inventory

44
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Wheat Plants

A

Biological Assets

45
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Cheese

A

Inventory

46
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Sausage

A

Inventory

47
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Wool

A

Agricultural Produce

48
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Thread

A

Inventory

49
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Felled Trees

A

Agricultural Produce

50
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Clothing

A

Inventory

51
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Milk

A

Agricultural Produce

52
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Carcass

A

Agricultural Produce

53
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Sugar

A

Inventory

54
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Harvested Cotton

A

Agricultural Produce

55
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Harvested Peanuts

A

Agricultural Produce

56
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Picked Leaves

A

Agricultural Produce

57
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Harvested Cane

A

Agricultural Produce

58
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Picked Grapes

A

Agricultural Produce

59
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Oil Palms

A

PPE - Bearer Plants

60
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Picked Fruit

A

Agricultural Produce

61
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Harvested Latex

A

Agricultural Produce

62
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Grape Vines

A

PPE - Bearer Plants

63
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Cured Tobacco

A

Inventory

64
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Processed Fruit

A

Inventory

65
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Wine

A

Inventory

66
Q

Biological Asset, Agri Produce, Inventory, or PPE?

At the end of the year:
Carcass on Beef Cattle

A

Inventory

67
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Wine

A

Inventory

68
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Freestanding trees

A

Biological Assets

69
Q

Biological Asset, Agri Produce, Inventory, or PPE?

At the end of the year:
Milk on dairy cattle

A

Inventory

70
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Fruit growing on bearer plant

A

PPE - bearer plants

71
Q

Biological Asset, Agri Produce, Inventory, or PPE?

Calves on dairy cattle

A

Biological Assets

72
Q
A

ACYFAR 3 (9 decks)

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