Which of the Following Would Be Disclosed in the Statement

question 21

Multiple Choice

Which of the following would be disclosed in the statement of financial position as a biological asset under AASB 141/IAS 41?

• A) Pigs.
• B) Picked fruit.
• C) Wine.
• D) Grapes.

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Definitions:

Inventory Turnover

A measure of how often a company sells and replaces its stock of goods within a certain period.

Average Sale Period

The average amount of time it takes for a company to convert its inventory into sales.

Operating Cycle

The duration of time it takes for a company to purchase inventory, sell the goods, and receive cash from sales.

Average Sale Period

The average time it takes for a company to convert its inventory into sales.