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CA Final Ind AS 20 Government Grants and Ind AS 41 Agriculture — practice questions — page 2

Explore 51 free Ind AS 20 Government Grants and Ind AS 41 Agriculture questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Ind AS 20 Government Grants and Ind AS 41 Agriculture questions and exercises with answers

Showing questions 31–51 of 51.

What must an entity present between the opening and closing carrying amounts of biological assets?Read the answer and worked solution →In the biological assets reconciliation, harvest is shown as what?Read the answer and worked solution →If not disclosed elsewhere, which non-financial detail must an entity give?Read the answer and worked solution →For cost-measured biological assets, what range should be given if possible?Read the answer and worked solution →Which depreciation detail is disclosed for cost-measured biological assets?Read the answer and worked solution →Which is NOT among the physical changes arising from biological transformation?Read the answer and worked solution →The aggregate gain or loss to be disclosed covers initial recognition of produce and what else?Read the answer and worked solution →What does Ind AS 41 encourage in describing each group of biological assets?Read the answer and worked solution →Which evidence can show an entity controls its cattle?Read the answer and worked solution →A farm has a forward contract to sell wheat. Which Ind AS handles it if the contract is onerous?Read the answer and worked solution →Why might a loss arise on initial recognition of a biological asset?Read the answer and worked solution →What kind of event is cited as giving rise to a gain on initial recognition of a biological asset?Read the answer and worked solution →A farmer harvests a crop. Where does any gain on initial recognition of the produce go?Read the answer and worked solution →Which activity is listed as agricultural activity in Ind AS 41?Read the answer and worked solution →Which grape-related step is outside Ind AS 41?Read the answer and worked solution →Why does government typically give grants according to Ind AS 20?Read the answer and worked solution →Why is information on government assistance useful to financial statement users?Read the answer and worked solution →How many broad approaches to accounting for government grants does Ind AS 20 describe?Read the answer and worked solution →Which view backs the income approach as per Ind AS 20?Read the answer and worked solution →Why do income approach supporters reject crediting grants directly to equity?Read the answer and worked solution →When valuing a below-market government loan benefit, what must the entity consider?Read the answer and worked solution →

Worked practice questions

What must an entity present between the opening and closing carrying amounts of biological assets?

  1. A cash flow forecast
  2. A change reconciliation
  3. A depreciation chart
  4. A list of buyers
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Correct answer: B. A change reconciliation

Ind AS 41 requires a reconciliation of the changes in carrying amount from the beginning to the end of the period.

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In the biological assets reconciliation, harvest is shown as what?

  1. An increase from purchases
  2. A decrease due to harvest
  3. A currency difference
  4. A business combination
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Correct answer: B. A decrease due to harvest

Harvesting removes the asset from the biological asset balance, so it appears as a separate decrease.

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If not disclosed elsewhere, which non-financial detail must an entity give?

  1. Bank balance details
  2. Customer name lists
  3. Auditor fee details
  4. Physical quantities
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Correct answer: D. Physical quantities

Non-financial measures or estimates of physical quantities of each group at period end and of output are required.

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More Financialreporting topics

Ind AS 116 LeasesInd AS 36 Impairment of Assets and Ind AS 38 Intangible AssetsInd AS 24 Related Party Disclosures and Ind AS 108 Operating SegmentsInd AS 1 Presentation of Financial StatementsInd AS 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment Property