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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
# Biological Asset, Agri Produce, Inventory, or PPE? Sheep
Biological Assets
26
# Biological Asset, Agri Produce, Inventory, or PPE? Rubber Products
Inventory
27
# Biological Asset, Agri Produce, Inventory, or PPE? Trees in Timber Plantation
Biological Assets
28
# Biological Asset, Agri Produce, Inventory, or PPE? Maize Plants
Biological Assets
29
# Biological Asset, Agri Produce, Inventory, or PPE? Lumber
Inventory
30
# Biological Asset, Agri Produce, Inventory, or PPE? Pigs
Biological Assets
31
# Biological Asset, Agri Produce, Inventory, or PPE? Roasted Peanuts
Inventory
32
# Biological Asset, Agri Produce, Inventory, or PPE? Cotton Plants
Biological Assets
33
# Biological Asset, Agri Produce, Inventory, or PPE? Peanut Plants
Biological Assets
34
# Biological Asset, Agri Produce, Inventory, or PPE? Sugarcane
Biological Assets
35
# Biological Asset, Agri Produce, Inventory, or PPE? Tobacco Plants
Biological Assets
36
# Biological Asset, Agri Produce, Inventory, or PPE? Tea Bushes
PPE - Bearer Plants
37
# Biological Asset, Agri Produce, Inventory, or PPE? Dairy Cattle
Biological Assets
38
# Biological Asset, Agri Produce, Inventory, or PPE? Fruit Trees
PPE - Bearer Plants
39
# Biological Asset, Agri Produce, Inventory, or PPE? Tea
Inventory
40
# Biological Asset, Agri Produce, Inventory, or PPE? Rubber Trees
PPE - Bearer Plants
41
# Biological Asset, Agri Produce, Inventory, or PPE? Yarn
Inventory
42
# Biological Asset, Agri Produce, Inventory, or PPE? Carpet
Inventory
43
# Biological Asset, Agri Produce, Inventory, or PPE? Logs
Inventory
44
# Biological Asset, Agri Produce, Inventory, or PPE? Wheat Plants
Biological Assets
45
# Biological Asset, Agri Produce, Inventory, or PPE? Cheese
Inventory
46
# Biological Asset, Agri Produce, Inventory, or PPE? Sausage
Inventory
47
# Biological Asset, Agri Produce, Inventory, or PPE? Wool
Agricultural Produce
48
# Biological Asset, Agri Produce, Inventory, or PPE? Thread
Inventory
49
# Biological Asset, Agri Produce, Inventory, or PPE? Felled Trees
Agricultural Produce
50
# Biological Asset, Agri Produce, Inventory, or PPE? Clothing
Inventory
51
# Biological Asset, Agri Produce, Inventory, or PPE? Milk
Agricultural Produce
52
# Biological Asset, Agri Produce, Inventory, or PPE? Carcass
Agricultural Produce
53
# Biological Asset, Agri Produce, Inventory, or PPE? Sugar
Inventory
54
# Biological Asset, Agri Produce, Inventory, or PPE? Harvested Cotton
Agricultural Produce
55
# Biological Asset, Agri Produce, Inventory, or PPE? Harvested Peanuts
Agricultural Produce
56
# Biological Asset, Agri Produce, Inventory, or PPE? Picked Leaves
Agricultural Produce
57
# Biological Asset, Agri Produce, Inventory, or PPE? Harvested Cane
Agricultural Produce
58
# Biological Asset, Agri Produce, Inventory, or PPE? Picked Grapes
Agricultural Produce
59
# Biological Asset, Agri Produce, Inventory, or PPE? Oil Palms
PPE - Bearer Plants
60
# Biological Asset, Agri Produce, Inventory, or PPE? Picked Fruit
Agricultural Produce
61
# Biological Asset, Agri Produce, Inventory, or PPE? Harvested Latex
Agricultural Produce
62
# Biological Asset, Agri Produce, Inventory, or PPE? Grape Vines
PPE - Bearer Plants
63
# Biological Asset, Agri Produce, Inventory, or PPE? Cured Tobacco
Inventory
64
# Biological Asset, Agri Produce, Inventory, or PPE? Processed Fruit
Inventory
65
# Biological Asset, Agri Produce, Inventory, or PPE? Wine
Inventory
66
# Biological Asset, Agri Produce, Inventory, or PPE? At the end of the year: Carcass on Beef Cattle
Inventory
67
# Biological Asset, Agri Produce, Inventory, or PPE? Wine
Inventory
68
# Biological Asset, Agri Produce, Inventory, or PPE? Freestanding trees
Biological Assets
69
# Biological Asset, Agri Produce, Inventory, or PPE? At the end of the year: Milk on dairy cattle
Inventory
70
# Biological Asset, Agri Produce, Inventory, or PPE? Fruit growing on bearer plant
PPE - bearer plants
71
# Biological Asset, Agri Produce, Inventory, or PPE? Calves on dairy cattle
Biological Assets
72

ACYFAR 3 (9 decks)

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