Which of the following is not dealt with by PAS 41?
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Which of the following is not dealt with by PAS 41? [A] the accounting for biological assets [B] the subsequent
measurement of agricultural produce harvested from biological assets [C] the accounting treatment of government grant received in respect of biological assets [D] all of the choices are dealt with by PAS 41.
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- Write the definition, recognition, measurement and derecognition if any provided for the following: Intangible assets Impairment of assets Investment property Agriculture Borrowing cost Government grantWrite the definition, recognition, measurement and derecognition for the following: Intangible assets Impairment of assets Investment property Agriculture Borrowing cost Government grantHow does the topic of accounting for government grants relate to the topic of accounting for biological assets?
- Directions: Read and analyze the following standards and answer what is required. Required: Write the definition, recognition, measurement and derecognition if any in the chart above provided for the following: Intangible assets Impairment of assets Investment property Agriculture Borrowing cost Government grant1. PAS 41 Agriculture is applicable to which of the following? a. Agricultural produce after the point of harvest b. Bearer plants related to agricultural activity c. Living animals related to agricultural activity d. Unconditional government grants related to biological assets measured at cost 2. Which of the following standard is most likely applicable to agricultural produce after the point of harvest? a. PAS 41 Agriculture c. PAS 2 Inventories b. PAS 16 Property, Plant and equipment d. Any of these 3. PAS 41 is applicable to which of the following items? a. Land used for farming b. Agricultural produce after point of harvest c. Unconditional government grants related to bearer plants d. Unconditional government grant related to consumable living animals measured at fair value costs to sell. 4. Which of the following is considered as a biological asset under PAS 41? a. Carcass c. Pig b. Ham…Which of the following is least likely capitalized as cost of land? Grading, filling, draining clearing and similar site development activities Survey Landscaping and similar improvements that have limited useful lives. Special assessment Subsequent to initial recognition, an entity shall use this model to account for its items of property, plant and equipment. cost model revaluation model fair value model Cost model or revaluation model as an accounting policy choice It is the systematic allocation of the depreciable amount of an asset over its estimated useful life. Depreciation Impairment Revaluation all of these
- Which of the following assets held by an enterprise would not qualify as investment in property as defined by PAS 40, Investment property? Land for sale in the ordinary course of business Land held for capital appreciation Land held for undetermined future use Building held to earn rentals Which of the following is included in the definition by PAS 20 of government grants?I. Transfer of resources to an entity in return for past or future compliance with certain conditions.II. Transactions with the government that cannot be distinguished from the normal trading transactions of the entity. II only I only Both I and II Neither I and II Which of the following would result in a Dr to AR? Sale of goods under " special order" "Special order is yet to be completed" Sale of goods classified as Trade Sale of goods under "Consignment" Sale with a right of repurchaseWhich of the following is true regarding government grant related to asset? *a. Depreciation is higher and net income lower if the grant is recorded as deferred revenueb. Depreciation is higher and net income lower if the grant is an adjustment to the assetc. Depreciation is higher if the grant is a deferred revenue and net income is not affectedd. Depreciation is higher if the grant is adjustment of the assetWhich of the following statement is true regarding the net approach of presentinggovernment grants?A. Government grant related to income has a deferred income from governmentgrant account.B. Government grant related to asset has a deferred income from government grantaccount.C. For grants related to asset, depreciation expense is higher as compared togross approach (unearned income from government grant approach).D. Government grant related to asset has to recognize an income from governmentgrant. From the below statements, which of them is a false statement regarding FSRSC?A. The chairman should be a senior practitioner of any scope of the accountancyprofession.B. FSRSC members serve without compensation for a term of three years, which canbe renewed for another three years.C. Not all members of FSRSC should be CPAs.D. FSRSC is the current standard setting-body in the Philippines. Its currentpronouncements are PASs. Which of the following statements is correct concerning the…
- A donated fixed asset (from a governmental unit) for which the fair value has been determined should be recorded as a debit to Fixed Assets and a credit to: a. Contributed Capital b. Retained Earnings c. Deferred Income d. Other IncomeWhich of the following is true about use of the modified approach? Choose the correct.a. It can be applied to all capital assets of a state or local government.b. It is used to adjust depreciation expense either up or down based on conditions for the period.c. It is required for infrastructure assets.d. For qualified assets, it eliminates the recording of depreciation.Which of the following is true about use of the modified approach? It can be applied to all capital assets of a state or local government. It is used to adjust depreciation expense either up or down based on conditions for the period. It is required for infrastructure assets. For qualified assets, it eliminates the recording of depreciation.