Which of the Following Statements Is Correct with Respect to Accounting

question 12

Multiple Choice

Which of the following statements is correct with respect to accounting for biological assets as required in AASB 141:

• A) A biological asset may initially be recognised at cost when market-determined prices or value are not available and for which alternative estimates of fair value are not available.
• B) If a biological asset is initially recognised at cost it should be measured at cost less any accumulated depreciation.
• C) A biological asset that was initially recognised at fair value less point-of-sale costs may subsequently be recognised at cost when fair value less point-of-sale costs is no longer available.
• D) A biological asset may initially be recognised at recoverable amount.
• E) All of the given answers.

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Definitions:

Stress Response

The body's reaction to a challenge or demand, characterized by physiological and psychological changes that prepare the individual to deal with stressors.

Corticosteroids

A class of steroid hormones that are produced in the adrenal cortex of vertebrates and used in medicine to reduce inflammation and suppress the immune system.

Stress Hormone

Hormones, such as cortisol, that are released into the body in response to stress, affecting various bodily functions and aspects of health.

Acute Stress Disorder

A psychiatric condition characterized by the development of severe anxiety and other symptoms within one month after exposure to a traumatic event.