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b.PAS 2, Inventories c.PAS 16, Property, plant and equipment PAS 40, Investment property Answer. b. PAS 2. Inventories: 9. Which of the following information shall be disclosed in relation to agricultural activity? a.Separate disclosure of the gain or loss relating to biological asset and agricultural produce b.The aggregate gain or loss arising on the initial recognition of biological asset and agricultural produce and from the change in fair value less cost disposal of biological asset c.The total gain or loss from biological asset, agricultural produce, and from changes in fair value less cost of disposal of biological asset da.There is no requirement to disclose Separately any gain or loss 10.When agricultural produce is harvested, the harvest shall be accounted for as ‘inventory’. For the purpose, cost at the date of harvest is deemed to be a.The fair value less cost of disposal at the point of harvest. b.The historical cost c.The historical cost Jess accumulated impairment losses dd. Market value Problom 19-3 Multiple choico 1.Which of the following is not dealt with by IAS 417 a.The accounting for biological asset b.The initial measurement of agricultural produce harvested from the entity's biological asset cc. The processing of agricultural produce after harvesting d.The accounting treatment of government grant received in respect of biological asset Answer, c. The processing of agricultural produce after harvesting 2.Land that is related to agricultural activity is measured a.At fair value bln accordance with IAS 16, Property, Plant and Equipment, or IAS 40, Investment Property c.At fair value in combination with biological asset that is being grown on the land d.At the resale value separate from the biological asset that is being grown on the land S.Anunconditional goverment grant related to a biological asset that has been measured at fair value less cost of disposal shall be recognized as a.Income when the grant becomes receivable b.A deferred credit when the grant becomes receivable c.lncome when the grant application has been submitted d. A deferred credit when the grant has been 4.lf a government grant related to biological asset is conditional, the grant shall be recognized as a.income when the conditions attaching to the grant are met b.Income when the grant has been approved c.A deferred credit when the conditions attached to the grant are met d.A4 deferred credit when the grant is approved 5.Where there is a production cycle of more than one year for a biological asset, IAS 41 encourages separate disclosure of the a.Physical change only b.Price change only c.Total change in value d.Physical change and price change Answer d. Physical change and price change 
