Under IAS 41/AASB 141 the Basis for Measuring Biological Assets

question 39

Multiple Choice

Under IAS 41/AASB 141 the basis for measuring biological assets is:

• A) historical cost.
• B) fair value less estimated point-of-sale costs.
• C) replacement value.
• D) estimated market value less estimated point-of-sale costs.

---

Definitions:

Equilibrium Price

Prevailing market price at which you can buy an item.

Substitute Goods

Products or services that can replace or be used in place of another to satisfy the consumer's needs.

Supply Curve

Graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand.

Technologies

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machinery, and devices.