Question 1

Which of the following is NOT considered to be agricultural produce?

Accepted Answer

A)  timber 
B)  sugar 
C)  wool 
D)  milk 
A)  timber 
B)  sugar 
C)  wool 
D)  milk

Question 2

According to AASB 13 Fair Value Measurement, the market used to determine fair value should be:

Accepted Answer

A)  the principal market, or, in the absence of a principal market, the relevant market 
B)  the most advantageous market 
C)  the relevant market 
D)  either the principal market, or, in the absence of a principal market, the most advantageous market 
A)  the principal market, or, in the absence of a principal market, the relevant market 
B)  the most advantageous market 
C)  the relevant market 
D)  either the principal market, or, in the absence of a principal market, the most advantageous market

Question 3

26 It is common for companies applying AASB 141 to:

Accepted Answer

A)  attempt to 'bury' the fair value movements attributable to agricultural assets in 'other expenses' 
B)  separately disclose the fair value movements attributable to agricultural assets in the statement of profit or loss and other comprehensive income or the notes 
C)  disclose the fair value movements attributable to agricultural assets as part of 'abnormal' items 
D)  remain silent in the financial statements about the fair value movements attributable to agricultural assets, but highlight such items in 'financial commentaries' 
A)  attempt to 'bury' the fair value movements attributable to agricultural assets in 'other expenses' 
B)  separately disclose the fair value movements attributable to agricultural assets in the statement of profit or loss and other comprehensive income or the notes 
C)  disclose the fair value movements attributable to agricultural assets as part of 'abnormal' items 
D)  remain silent in the financial statements about the fair value movements attributable to agricultural assets, but highlight such items in 'financial commentaries'

Question 4

Which of the following require disclosures to be made under AASB 117 and AASB 141?

Accepted Answer

A)  operating and financing leases by lessors and lessees 
B)  finance leases by lessors and lessees only 
C)  operating and finance leases by lessees only 
D)  operating and finance leases by lessors only 
A)  operating and financing leases by lessors and lessees 
B)  finance leases by lessors and lessees only 
C)  operating and finance leases by lessees only 
D)  operating and finance leases by lessors only

Question 5

AASB 141 requires disclosure of which of the following relating to government grants?

Accepted Answer

A)  the nature and extent of grants recognised, unfulfilled conditions attached to the grant and significant increases expected in the level of government grants. 
B)  the nature and extent of grants recognised, unfulfilled conditions and other contingencies attached to the grant and details of grants applied for but not yet granted 
C)  unfulfilled conditions and other contingencies attached to the grant and details of grants applied for but not yet granted 
D)  the nature and extent of grants recognised, unfulfilled conditions and other contingencies attached to the grant and significant decreases expected in the level of government grants. 
A)  the nature and extent of grants recognised, unfulfilled conditions attached to the grant and significant increases expected in the level of government grants. 
B)  the nature and extent of grants recognised, unfulfilled conditions and other contingencies attached to the grant and details of grants applied for but not yet granted 
C)  unfulfilled conditions and other contingencies attached to the grant and details of grants applied for but not yet granted 
D)  the nature and extent of grants recognised, unfulfilled conditions and other contingencies attached to the grant and significant decreases expected in the level of government grants.

Question 6

AASB 141 requires disclosure of which of the following?
I aggregate gain or loss on initial recognition of biological assets
II fair value of agricultural produce harvested during the period, at point of harvest
III fair value changes attributable to physical changes
IV fair value changes attributable to price changes

Accepted Answer

A)  I and II only 
B)  I, II and III only 
C)  II, III and IV only 
D)  I, II, III and IV 
A)  I and II only 
B)  I, II and III only 
C)  II, III and IV only 
D)  I, II, III and IV

Question 7

Which standard was issued in 2011 that amended AASB 141?

Accepted Answer

A)  AASB 7 
B)  AASB 101 
C)  AASB 118 
D)  AASB 13 
A)  AASB 7 
B)  AASB 101 
C)  AASB 118 
D)  AASB 13

Question 8

Which of the following is an agricultural product?

Accepted Answer

A)  tea 
B)  milk 
C)  coffee 
D)  fruit juice 
A)  tea 
B)  milk 
C)  coffee 
D)  fruit juice

Question 9

Use the following information to answer questions 
CowCo is a company that farms dairy cattle. CowCo owns the farmland on which the cattle are located, having purchased it for $1.5 million in 2011. The land is measured at cost under AASB 116.
Details of cattle at 30 June 2013 were as follows:
 $\begin{array}{ll}&\text { Cows } & \text { Helfers } \
\text { Number}&900&200\
\text { Fair value (less estimated costs to sell) }&\$800&\$320
\end{array}$
 During the year ended 30 June 2014 the following occurred:
•	200 new cows were purchased at $810 each
•	50 heifers matured into cows
•	5 heifers died
•	100 cows were sold for $830 each
•	The price change between a heifer and a cow at the time of maturity during the year was estimated to be $500

The following is relevant at 30 June 2014:
•	The land has been valued at $5.6 million
•	Fair value less estimated costs to sell are as follows (CowCo has determined that these are the appropriate fair values to use for the purposes of transfers and deaths of heifers):
o	Cows - $850 /head
o	Heifers - $350/head

-The fair value of cows as at 30 June 2014 is:

Accepted Answer

A)  $943 250 
B)  $892 500 
C)  $875 000 
D)  $816 500 
A)  $943 250 
B)  $892 500 
C)  $875 000 
D)  $816 500

Question 10

AASB 141 considers that there are three common features to agricultural diversity. Which of the following is NOT one of those features?

Accepted Answer

A)  measurement of change 
B)  management of change 
C)  capability to change 
D)  change transformation 
A)  measurement of change 
B)  management of change 
C)  capability to change 
D)  change transformation

Which of the following is NOT considered to be agricultural produce?

According to AASB 13 Fair Value Measurement, the market used to determine fair value should be:

26 It is common for companies applying AASB 141 to:

Which of the following require disclosures to be made under AASB 117 and AASB 141?

AASB 141 requires disclosure of which of the following relating to government grants?

Which standard was issued in 2011 that amended AASB 141?

Which of the following is an agricultural product?

AASB 141 considers that there are three common features to agricultural diversity. Which of the following is NOT one of those features?

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Shareholders Equity: Share Capital and Reserves

Fair Value Measurement

Revenue

Provisions, Contingent Liabilities and Contingent Assets

Income Taxes

Financial Instruments

Share-Based Payments

Translation of the Financial Statements of Foreign Entities

Employee Benefits

Inventories

Property, Plant and Equipment

Leases

Understanding Australian Accounting Standards

Impairment of Assets

Accounting for Mineral Resources

Financial Statement Presentation

Statement of Cash Flows

Earnings Per Share

Operating Segments

Operating Segments

Business Combinations

Consolidation: Principles and Accounting Requirements

Consolidation: Intragroup Transactions

Consolidation: Non Controlling Interest

Joint Arrangements

Associates and Joint Ventures

Filters

Exam 18: Agriculture

Which of the following is NOT considered to be agricultural produce?

According to AASB 13 Fair Value Measurement, the market used to determine fair value should be:

26 It is common for companies applying AASB 141 to:

Which of the following require disclosures to be made under AASB 117 and AASB 141?

AASB 141 requires disclosure of which of the following relating to government grants?

Which standard was issued in 2011 that amended AASB 141?

Which of the following is an agricultural product?

AASB 141 considers that there are three common features to agricultural diversity. Which of the following is NOT one of those features?

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Shareholders Equity: Share Capital and Reserves

Fair Value Measurement

Revenue

Provisions, Contingent Liabilities and Contingent Assets

Income Taxes

Financial Instruments

Share-Based Payments

Translation of the Financial Statements of Foreign Entities

Employee Benefits

Inventories

Property, Plant and Equipment

Leases

Understanding Australian Accounting Standards

Impairment of Assets

Accounting for Mineral Resources

Financial Statement Presentation

Statement of Cash Flows

Earnings Per Share

Operating Segments

Operating Segments

Business Combinations

Consolidation: Principles and Accounting Requirements

Consolidation: Intragroup Transactions

Consolidation: Non Controlling Interest

Joint Arrangements

Associates and Joint Ventures

Filters