The Dividends Account Increases with a Credit and Decreases with a Debit

question 102

True/False

The Dividends account increases with a credit and decreases with a debit.

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Definitions:

IAS 16

International Accounting Standard 16, prescribing the accounting treatment for property, plant, and equipment including the recognition of assets, determination of their carrying amounts, and the depreciation charges and impairment losses to be recognized.

Heifers

Young female cows that have not borne a calf, often raised for beef production or future breeding.

Biological Asset

Living plants or animals that are held by an entity for purposes such as sale, into agricultural produce, or into additional biological assets, which are expected to provide economic benefits to the entity.

AASB 141

Refers to the Australian Accounting Standards Board guidance on Agriculture, providing a framework on how to account for agricultural activity.