Biological Assets - ACC 490 Biological Assets and...

Biological Assets
Download Document
Showing pages : 1 of 2
This preview has blurred sections. Sign up to view the full version! View Full Document
ACC 490 Biological Assets and Agricultural Produce Chapter 9: IAS 41 Spring 2012 1. What are biological assets? It is a living animal or a plant. It is has to have an agricultural produce from it. So, agricultural produce is NOT a biological asset. Agricultural produce must have value. 2. What are examples of biological assets? Would dogs for sale in a pet shop be classified as biological assets? Ex: sheep, cow Dogs for sale in a pet shop would be not considered a biological asset--it would only be classified as one if it was producing. If not and just for sale, its considered inventory. Ex: The parents at the breeder of the Goldendoodle are the biological assets. The puppies that the parents produce are the produce. At the pet store, those puppies become inventory because they were not as a result of anything they owned prior to buying the puppies. Ex: The fruit tree in the orchard are the biological assets. Once it begins producing the fruit its “Agricultural produce” and then once it begins harvesting to sell in their store, its inventory. 3.
Background image of page 1
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Create a FREE account now to get started. Log In

The email address you entered is not valid. The email address you provided is already in use.
Your username must be at least 5 characters. Your username must consist of only alphanumeric characters. Your username must contain at least one letter. Your username contains inappropriate language. Another user has already claimed this username.
Your password must be at least 6 characters in length.
{[ $select.selected.label ]} Please select a valid school.
By creating an account you agree to our Privacy Policy, Terms of Use, and Honor Code.
Create my FREE account Processing...
Sign Up with Facebook

We will never post anything without your permission.

Already on Course Hero? Log In