Whiting Limited Operates a Fish Farm

question 22

Multiple Choice

Whiting Limited operates a fish farm. AASB 141/IAS 41 requires live immature fish to be valued at:

• A) either cost or fair value less estimated costs to sell.
• B) cost due to the absence of an active market for such fish.
• C) the fair value less costs to sell based on prices of slaughtered immature fish.
• D) fair value determined by applying a discount factor to the fair value of live mature fish.

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Definitions:

Shares Outstanding

The total number of a company's shares that are currently owned by shareholders, including those held by institutional investors and corporate officers.

Lockout Period

A time span during which certain actions, like withdrawing funds or selling shares, are restricted or prohibited.

Share Price

The current price at which a single share of a company's stock can be bought or sold on the market.

Contract Multiplier

A factor used in options and futures contracts to determine the total value of the contract.