Which Statement Is Not Correct

question 31

Multiple Choice

Which statement is not correct?

• A)Accounting for biological assets is covered by the requirements of IAS 41.
• B)Biological assets include grapes, milk, wine, cheese and lumber.
• C)End of processing activities are covered under the requirements of IAS 18.
• D)Post harvesting processing activities are covered under the requirements of IAS 2.

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Definitions:

Acetic Acid Solution

A solution composed of acetic acid, often used in vinegar, with acidic properties resulting from the presence of acetic acid.

Buffer Solution

A solution that resists changes in pH upon the addition of small amounts of acid or base, typically made from a weak acid and its conjugate base.

Acid

A substance that can donate a hydrogen ion (H+) and usually has a sour taste.

Base

A substance that can accept hydrogen ions (protons) or more generally, donate a pair of valence electrons.