Certain Agricultural and Mineral Products Can Be Reported at Net $\quad$

question 117

Short Answer

Certain agricultural and mineral products can be reported at net realizable value under GAAP $\quad$ IFRS
a. Yes $\quad$$\quad$ No
b. Yes $\quad$$\quad$ Yes
c. No $\quad$$\quad$ No
d. No $\quad$$\quad$ Yes

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Definitions:

Retained Earnings

Cumulative net income of a company that has not been distributed to shareholders as dividends, reinvested in the business.

Non-Controlling Interest

The equity in a subsidiary not attributable, directly or indirectly, to a parent company.

Consolidated Shareholders' Equity

This is the total equity owned by shareholders as reported in the consolidated financial statements of a parent company and its subsidiaries.

Equity Method

An accounting technique used to record investments in which the investor has significant influence over the investee, typically through owning a large percentage of its stock.