Which of the following would be classified as biological assets
Q: Strategic and tactical asset allocation. Define and explain the difference between these and the…
A: Strategic asset allocation is defined as making efficient portfolios of assets with a long-term…
Q: What is an intangible asset? Provide some examples.
A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…
Q: What are the distinguishing characteristics between REIT data and the NCREIF Property Index?
A: NCREIF property index helps in measuring the performance of the investment made in real estate with…
Q: What are the broad classes of facts that need to be gathered in the system survey?
A: Accounting Information System: AIS collects, records, stores and processes accounting and other data…
Q: Analyze how different types intangible assets are accounted for.
A: An asset is intangible when it cannot be seen, which means the asset that does not have any physical…
Q: Which of the following assets should be a. land.
A: Amortization is an accounting practice that lowers the book value of an intangible asset over a…
Q: Explain the term byproduct.
A: A byproduct is a product that is also termed as the incidental product is generated during the…
Q: Define the term an identical asset?
A: An identical asset is the group of similar assets which are individually not distinguishable and can…
Q: What is the mechanism via which Naics operates?
A: It is about the mechanism via which Naics operates:
Q: In your own view, how important is asset allocation? Discuss the various strategies of asset…
A: Since each asset class comes with a different degree of risk, it becomes important to balance the…
Q: What are the characteristics of plant assets?
A: Plant Asset: A plant asset is an asset purchased by the business that has a useful life exceeding…
Q: What characteristics of a plant asset make it different from other assets?
A: Assets means anything which will enable a business enterprise to get cash or benefit in…
Q: What are the major characteristics of plant assets?
A:
Q: What are the characteristics of Substantive Tests?
A: Audit Planning: Audit planning is the first step in the auditing process. Auditor gathers all the…
Q: Define Donated Assets.
A: Donated assets are the assets donated to governmental or non profit entity without any consideration…
Q: What are the objectives of a fixed asset system?
A: Fixed Assets: The asset used by company for more than one year is known as fixed asset. Fixed…
Q: What is an attestation engagement?
A: Attestation Engagement: An association between the client and the certified public accountant where…
Q: explain the specific identification approach
A: Introduction: Inventory valuation is an accounting practice used by businesses to determine the…
Q: How do you identify an asset with reference to AASB?
A: Balance sheet: A balance sheet is a statement of assets, liability, and equity. It is prepared after…
Q: Discuss and give examples of some of the indicators that affect asset classes
A: Asset classes:- An asset class is basically a collection of investments with some comparable…
Q: What functions should be separated to segregaterecord keeping from asset custody?
A: Assets: Assets are those items that provide value for money and future economic benefit for an…
Q: WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?
A: Functional obsolescence of assets is discussed hereunder : The term ' Obsolescence' refers to…
Q: What are some examples of tangible and intangible assets?
A: Introduction:- Assets are mainly categories into two types based on the existence. these are as…
Q: Which of the following are substantive tests?
A: For identifying whether the following are substantive tests or not we need to first identify what is…
Q: Describe Self-Constructed Assets and explain Research and Development
A: Property, plant and equipment: Property, plant and equipment are the tangible assets which are…
Q: Distinguish between property, plant, and equipment and intangible assets.
A: Definition: Property, plant, and equipment: Property, plant, and equipment are the tangible assets…
Q: Identify and describe the various asset classifications.
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: What is the focus of Analytical Procedures?
A: Audit: Audit is the process of verification of the compliance of the financial statements.
Q: Which of the following is related to science systems of maintaining account?
A: a) Single Entry System: A single entry system of accounting is a method of maintaining book keeping…
Q: What does intangible assets includes in its items? Explain them in detail.
A:
Q: Differentiate between tangible and intangible assets?
A: Tangible assets are those assets which appear in the physical form and it is measurable. Assets like…
Q: What are the characteristics of an intangible asset?
A: Asset refers to any economic value resource for an individual, corporation or a country. It…
Q: What are the types of fundamental analysis?
A: Fundamental analysis basics is the analyzing method used to evaluate the intrinsic value of stocks…
Q: What are the intangible assets? Give some examples?
A: Classification of Assets Assets can be classified in to three categories which are Fixed Assets,…
Q: Define Property, plant, and equipment
A: property, plant and equipment: they are company's physical or tangible long term assets.
Q: Define the following:a. Asset
A: Definition of Assets is given below,
Q: What is managments primary goal?
A: The management’s primary goal is to increase the wealth of the shareholders or the owners.
Step by step
Solved in 2 steps with 2 images
- F4 Co. on adoption of PAS 41 has reclassified certain assets as biological assets. The total value of the forest assets is P6,000,000 which is comprised of: Freestanding trees P5,100,000 Land under trees P600,000 Roads in forests P300,000 In F4 Co.’s statement of financial position, how much of the forests would be classified as biological assetsUse 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 How much is classified as biological assets that are accounted for under PAS 41 Agriculture? How much is classified as property, plant and equipment that are accounted for under PAS 16 Property, Plant and Equipment? How much is classified as agricultural produce? How much is classified as inventory?Use the following information for the next three questions:ABC Co. has the following assets.Maize plants 40,000Wool 6,000Processed fruit 20,000Logs 60,000Trees in a timber plantation 200,000Grape vines 120,000Cotton plants 20,000Picked fruit 20,000Harvested latex 30,000Roasted peanuts 20,000 1. How much is classified as biological assets that are accounted for under PAS 41 Agriculture?2. How much is classified as property, plant and equipment that are accounted for under PAS 16 Property, Plant and Equipment?3. How much is classified as agricultural produce?4. How much is classified as inventory?
- 3. ABC Company acquired a tract of land containing an extractable natural resource. ABC is required by the purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource. Geological surveys estimate that the recoverable reserves will be 2,500,000 tons and that the land will have a value of P1,000,000 after restoration. Relevant cost information follows: Land .- P9,000,000 and Estimated restoration costs - 1,500,000. What should be the depletion charge per ton of extracted material?1. Biological assets, bearer plants, and agricultural produce are the three focal points of the scope ofIAS 41. Briefly discuss and compare each. 2. Dupont Corp. recently discontinued operations on one of its four branches. The branch is nowconducting a clearance sale. The fixed assets in the discontinued branch are now being offered forsale, and a buyer has been identified. The sale can take place within a year.Despite all this, the management insists on presenting all the fixed assets, including those thatbelong to the disposal group, as PPE as it would give an impression of large manufacturingcapacity. They are not in favor of presenting any amount of revenues from discontinuedoperations. Explain to them why these assets are no longer PPE and should be separated as assets-held-for-sale and why income on discontinued operation should be separated from continuing operation. 3. Apart from the benefits required by legislation, what benefit can a company expect from offeringadditional…What is the cost of land improvements? A. P620,000 B. P654,000 C. P114,000 D. P134,000 What is the cost of the equipment? A. P959,000 B. P849,000 C. P903,000 D. P1,359,000
- Life Goes On, Inc. owned the following assets in their forest plantation farm used for agricultural activity: • Freestanding trees- 5,000,000 • Small nipa huts- P2,000,000 • Land- P600,000 • Bearer animals- P2,000,000 • Bearer plant (10% of value from agricultural produce; 90% for the tree)- P5,000,000 • Caged animals as entertainment for incoming visitors- P9,000,000 Which of the following assets above shall be covered by PAS 41 – Agriculture? A. 21,000,00 B. 12,000,000 C. P7,500,000 D. P16,500,00Which of the following statements regarding the accounting treatment of agriculture is true? Question 25 options: a) Each biological asset must be measured individually under IFRS. b) Once agricultural produce is harvested and is initially measured, it becomes property, plant, and equipment accounted for under IAS 16. c) Under ASPE, a new standard specific to agriculture is effective for fiscal periods beginning on or after January 1, 2022. d) When measuring biological assets or agricultural produce under IFRS, fair value is considered the fair value when the asset is ready to be sold, not in its current condition.1.What is the difference between Agricultural activity and biological assets? Name two examples of either activity. 2. Entity ‘A’ raises cattle, slaughters them at its abattoirs and sells the carcasses to the local meat market. Which of the activities are in the scope of IAS 41? 3. Entity ‘B’ grows vines, harvest grapes and produces wine. Which of these activities are in the scope of IAS 41? NB: This question consist of 1-3, please to answer them seperately.
- Six situations are given below concerning a plant asset currently used in operations.CA-Carrying amount; ViU-Value in use; FV-CTS-Fair value less costs to sellCase CA ViU FV-CTS1 120,000 180,000 135,0002 135,000 195,000 120,0003 150,000 180,000 255,0004 180,000 120,000 90,0005 210,000 165,000 195,0006 225,000 195,000 255,000Which among the cases, if any, require impairment loss recognition?Basket Purchase of Intangible Assets Taraz Company paid $500,000 to purchase the following portfolio of intangibles with estimated fair values as indicated: Estimated Fair Value Internet domain name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 Order backlog. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 In-process research and development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 Operating permit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 In addition, Taraz spent $300,000 to run an advertising campaign to boost its image in the local community. Make the journal entries necessary to record the purchase of the intangibles and the payment for the…At December 31, Kagubatan Company provided you the following information regarding its assets in a forest plantation and farm: Land where trees were planted 12,000,000 Roads constructed one year ago in forest 6,000,000 Freestanding trees 100,000,000 Animals in a zoo 10,000,000 Animals in ocean park 8,000,000 Animals displayed in a restaurant as added attraction 2,000,000 Bearer plants 30,000,000 Animals used for breeding purposes 10,000,000 Animals that produced agricultural products 30,000,000 Fruits growing on bearer plants 16,000,000…