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ACCGOVP > Chapter 8: Agriculture > Flashcards

Chapter 8: Agriculture Flashcards

1
Q

This means farming or the process of producing crops and raising livestock.

A

Agriculture

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2
Q

The management by an entity of the biological transformation and harvest of biological assets for sale, including exchange or non-exchange transactions.

A

Agricultural Activity

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3
Q

Common Features of Agricultural Activities

A

Capability to Change
Management of Change
Measurement of Change

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4
Q

A feature of agricultural activity where living animals and plants are capable biological transformation.

A

Capability to Change

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5
Q

A feature of agricultural activity where management facilitates biological transformation by enhancing or at least stabilizing, conditions necessary for the process to take place.

A

Management of Change

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6
Q

A feature of agricultural activity pertaining to the change in quality or quantity brought about by biological transformation or harvest is measured and monitored.

A

Measurement of Change

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7
Q

An increase in quantity or improvement in quality of an animal or plant.

A

Growth

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8
Q

The creation of additional living animals or plants.

A

Procreation

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9
Q

A decrease in the quantity or deterioration in quality of an animal or plant.

A

Degeneration

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10
Q

A living animal or plant.

A

Biological Asset

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11
Q

The harvested product of the entity’s biological assets.

A

Agricultural Produce

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12
Q

The detachment of produce from a biological asset or the cessation of a biological asset’s life processes.

A

Harvest

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13
Q

When is a biological asset recognized?

A

When it meets the asset recognition criteria, including the reliable measurement of its fair value or cost.

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14
Q

Initial Measurement of Biological Assets measured at Fair Value

A

Fair Value less Costs to Sell

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15
Q

Subsequent Measurement of Biological Assets measured at Fair Value

A

Fair Value less Costs to Sell

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16
Q

The gain or loss arising from initial measurement and subsequent changes in fair value less costs to sell are recognized in:

A

Surplus or Deficit

17
Q

Biological assets whose fair value cannot be reliably determined on initial recognition are initially measured at:

A

Cost

18
Q

Subsequent Measurement of Biological Assets measured at Cost

A

Cost less Accumulated Depreciation and Accumulated Impairment Losses

19
Q

This is initially measured at fair value less costs to sell at the point of harvest.

A

Fair Value less Costs to Sell at the POINT OF HARVEST

20
Q

These are incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes.

A

Costs to Sell

21
Q

The formula for the Determination of Fair Value

A

Quoted Price in an Active Market xx
Less: Transport Costs xx
Fair Value xx

22
Q

If there are more than one active market, the entity shall use:

A

The price in the market EXPECTED TO BE USED.

23
Q

Are contract prices relevant when determining fair value?

A

Naur. It is irrelevant.

24
Q

This refers to all costs necessary in getting the asset to the market for sale.

A

Transport Costs

25
Q

Whenever a market exists (intended for biological assets attached to land) for the combined assets as a package, in order to get the fair value of biological assets, one should:

A

Deduct the fair value of the raw land and land improvements in order to get the fair value of biological assets.

26
Q

Whenever a market exists (intended for biological assets attached to land) for the combined assets as a package, in order to get the fair value of biological assets, one should:

A

Deduct the fair value of the raw land and land improvements in order to get the fair value of biological assets.

27
Q

A biological asset initially measured at FVLCS shall be subsequently measured at:

A

FVLCS

28
Q

The aggregate gain or loss on initial recognition is disclosed.

True or False?

A

True

29
Q

These two biological assets are held for sale and held for distribution at no charge or for a nominal charge.

A

Consumable and Bearer

30
Q

Those that are to be harvested as agricultural produce or to be sold or distributed as biological assets.

A

Consumable Biological Assets

31
Q

Those that are to be harvested as agricultural produce or to be sold or distributed as biological assets.

A

Consumable Biological Assets

32
Q

Those that are self-generating and are used repeatedly for more than one year.

A

Bearer Biological Assets

33
Q

These are biological assets that have attained harvestable specifications or are able to sustain regular harvests.

A

Mature Biological Assets

ACCGOVP (9 decks)

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