COURSE: DIPLOMA IN ACCOUNTING

SUBJECT: FINANCAIL ACCOUNTING & REPORTING 4

I NEED ANSWER FOR ALL

1. Which of the following shall MFRS 141 be applied to? a. Bearer plants related to agricultural activity b. Agricultural produce at the point of harvest c. Land related to agricultural activity d. All of the above 2. Agricultural activity is the management by an entity of the biological transformation and harvest of biological assets for a. Sale b. Conversion into agricultural produce c. Conversion into additional biological assets d. All of the above 3. Which of the following does define "bearer plant"? a. A living plant that is used in the production or supply of agricultural produce b. A living plant that is expected to bear produce for more than one period c. A living plant that has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales d. All of the above 4. Ali is a farmer and is concerned how to apply MFRS 141 when preparing his financial statements. Which of the following assets owned by Ali is subject to MFRS 141 ? a. a herd of 100 cows held for the production of milk b. 200 hectares of land on which the cows feed c. license from the government allowing Ali to produce 2,500 litces of milk per day d. all of the above 5. Choose which of the following meets the definition of "agricultural activity" in MFRS 141. Select all relevant answer. Rearing of chicken Ocean fishing Clearing forests to create farmland Salmon farming Managing vineyards 6. Choose which of the following meets the definition of "bearer plants" in MFRS 141. Select all relevant answer. Tea bushes Grape vines Rubber trees Oil palms Paddy Cotton plants Maize