Margaret Ltd Has a Vineyard and at the End of Reporting

question 37

Multiple Choice

Margaret Ltd has a vineyard and at the end of reporting period 30 June 2012 the following information is available.

What is the change in fair value less estimated point-of-sale costs of the vines for the reporting period 30 June 2012 in accordance with AASB 141 "Agriculture"?

• A) ($350,000)
• B) ($300,000)
• C) $250,000
• D) $350,000
• E) None of the given answers.

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Definitions:

Net Wealth

The total value of all financial and non-financial assets owned by an individual or company minus the total of all its outstanding liabilities.

Consumption

The process by which goods and services are used up or utilized, reflecting household spending.

Saving

The process of setting aside a portion of current income for future use.

Income Level

The amount of money earned or received by an individual or household over a certain period.