Biological Assets Are

question 60

Multiple Choice

Biological assets are:

• A) recognised as income when sold.
• B) to be valued at market value, with any increase being capitalised and amortised over the period until the asset is sold.
• C) to be valued at market value, with any increase being treated as income.
• D) to be valued at fair value, with any increase being treated as income.
• E) to be valued at fair value, with any increase being capitalised and amortised over the period until the asset is sold.

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Definitions:

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The price of a good or service after all discounts, rebates, and allowances have been subtracted from the gross price.

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