AASB 141 Excludes Certain Biological Assets from Its Scope

question 10

Multiple Choice

AASB 141 excludes certain biological assets from its scope.To be included.

• A) The living animal or plant must be capable of earning revenue.
• B) The asset must be alive and may include organisms such as viruses.
• C) The living animal or plant must be used in a commercial venture.
• D) The living animal or plant may only be used within an agricultural activity.
• E) The living animal or plant must be capable of earning revenue and the living animal or plant must be used in a commercial venture.

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Definitions:

360-degree Feedback

A performance appraisal method where employees receive confidential, anonymous feedback from the people who work around them, including peers, managers, and direct reports.

Perceptual Errors

Mistakes in judgment or interpretation made due to the subjective nature of perception.

Appraisal Accuracy

The degree to which performance evaluations accurately reflect the true performance levels of employees, free from biases or errors.

Performance Management

An ongoing organizational process that involves setting employee goals, monitoring progress, and providing feedback and coaching to improve performance.