Review of discussed topics

Encompass the financial assets, financial liability and equity instruments.

 

• Cash equivalent

   

• Biological asset

   

• Intangible asset

   

• Financial instrument

Biological asset is...

 

• a living life

   

• a living animal, or plant or microorganisms

   

• a living animal or plant

   

• a living thing

Credit balances in accounts receivable are classified as...

 

• deduction from accounts receivables

   

• Current liabilities

   

• part of current assets

   

• Long term liabilities

Which of the biological transformation process below involves the creation of additional living animals or plants?

 

• Procreation

   

• Production

   

• Degeneration

   

• Growth

A loss on impairment of an intangible asset is the difference between the asset's ...

 

• book value and its fair value

   

• carrying amount and its fair value

   

• carrying amount and the expected future net cash flows.

   

• fair value and the expected future net cash flows

Which of the following is a non-financial asset?

 

• Physical assets

   

• Cash and cash equivalent

   

• notes receivables

   

• Commercial paper

A financial liability...

 

• Must be classified as non-current liability.

   

• Is a contractual obligation to exchange financial instrument with another entity under conditions that are potentially favorable to the entity.

   

• Is a contractual obligation to deliver cash or another financial asset to another entity.

   

• Is a contractual obligation to deliver cash or any asset to another entity.

Accounts Receivable should normally be reported at...

 

• Expected amount to be received.

   

• Current value less expected collection cost.

   

• Current value plus accrued interests.

   

• Present value of future cash receipts.

It is the management of the biological transformation and harvest of biological assets for sale or for conversion into additional biological assets or agricultural produce.

 

• Conditional grants

   

• agricultural activity

   

• Biological assets

   

• harvesting

Intangibles

 

• Have no physical substance.

   

• With physical substance.

   

• Are monetary assets

   

• Can be seen