Which of the Following Statements Is Correct with Respect to Accounting

question 12

Multiple Choice

Which of the following statements is correct with respect to accounting for biological assets as required in AASB 141:

• A) A biological asset may initially be recognised at cost when market-determined prices or value are not available and for which alternative estimates of fair value are not available.
• B) If a biological asset is initially recognised at cost it should be measured at cost less any accumulated depreciation.
• C) A biological asset that was initially recognised at fair value less point-of-sale costs may subsequently be recognised at cost when fair value less point-of-sale costs is no longer available.
• D) A biological asset may initially be recognised at recoverable amount.
• E) All of the given answers.

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Definitions:

Postmenopausal Women

Women who have gone through menopause, the period marking the end of menstrual cycles, typically occurring between ages 45 and 55.

Genitourinary Syndrome

A collection of symptoms and signs associated with a decrease in estrogen and other sex steroids involving changes to the genital and urinary organs.

Menstrual Flow

The shedding of the uterine lining that occurs in cycles, typically monthly, in individuals of reproductive age without pregnancy.