Which Statement Is Not Correct

question 119

Multiple Choice

Which statement is not correct?

• A)Biological assets are living animals or plants.
• B)Biological assets are associated with agricultural activities.
• C)Agricultural produce is the product of biological assets.
• D)Agricultural produce is associated with post-harvest activities.

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Definitions:

Expense Account

A type of account used in accounting to track money spent or costs incurred by a business in its operational activities.

Straight-Line Method

A method of calculating the depreciation of an asset, which evenly spreads the cost of the asset over its useful life.

Residual Value

The estimated salvage value of an asset at the end of its useful life.

Double-Declining-Balance

A method of accelerated depreciation where an asset's book value is decreased at double the rate of its straight-line depreciation.