FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1.Which of the following is considered as inventory to be accounted for under PAS 2?
a. Harvested cotton c. Tea
b. harvested cane d. Picked leaves

Use the following information for the next three questions:
ABC Co. has the following assets.
Maize plants 40,000
Wool 6,000
Processed fruit 20,000
Logs 60,000
Trees in a timber plantation 200,000
Grape vines 120,000
Cotton plants 20,000
Picked fruit 20,000
Harvested latex 30,000
Roasted peanuts 20,000

2. How much is classified as biological assets that are accounted for under PAS 41 Agriculture?

3. How much is classified as property, plant and equipment that are accounted for under PAS 16 Property, Plant and Equipment?

4. How much is classified as agricultural produce?

5. How much is classified as inventory?

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