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Which of the following is accounted for using AASB 141 Agriculture? Cherry Tree Bottled cherry juice...

Which of the following is accounted for using AASB 141 Agriculture?

Cherry Tree

Bottled cherry juice

Cherries picked from a cherry tree

None of the above
Business   Accounting   
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Homework Answers

Answer #1

The correct answer is Option C - Cherries picked from a cherry tree

Accounting Standard AASB 141 applies to biological assets, (except for bearer plants) &  agricultural produce at the point of harvest.

This standard doesnot apply to Bearer Plants and doesnot apply to processing of agricultural produce after harvest.

Cherry Tree are Bearer Plants and Bottled cherry juice are proceesed form of cheeries after harvest.

AASB 116 applies to bearer plants and AASB 102 applies to Bottled Cherry Juice.

Therefore Option A and B are incorrect.

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