Finals Flashcards
The accounting treatment and associated disclosure to account
Agriculture
Is a living animal or plant
Biological asset
The harvested product of the entity’s biological assets
Agriculturural produce
Is used in the production or supply agricultural produce;
Bearer plant
Diverse range of activities such as raising livestock, forestly, annual or perennial cropping, cultivating orchards and plantation,
Agriculturural activity
This means living animals and plants are capable of biological transformation.
Capability to change
Biological transformation by enhancing or at least stabilizing, conditions necessary for the process to take a place( e.g nutrients level, moisture, fertility, light)
Management of change
The change in quality or quantity brought about biological transformation or harvest is measured and monitor as a routine management function
Measurement of change
Are the outflow of economic benefits that arises from the past transaction or events made by the company to the other entities
Liabilities
These are expected to be settled within a year
Current liabilities
These cannot be settled within a year or the normal operating cycle of the business
Long-term liabilities
Liabilities with uncertain value or timing
Provision
Distinguished from other liabilities such as trade payables and accruals because of the uncertainty in the timing or amount of the future expenditure
Provision
Are liabilities to pay for goods or services that have been received or supplied and have been invoiced or formally agreed with the supplier
Trade payables
Are liabilities to pay for goods or services that have been received or supplied but have not been paid,
Accruals
