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Answer Key - Chapter 20

This document contains sample problems related to accounting for agriculture. Problem 1 contains 10 true/false questions. Problem 5 lists theories correlated with letters and numbers. Problem 6 contains 6 multiple choice computational questions related to biological assets, property and agricultural produce inventories. It provides solutions showing the calculations for each question.

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Jannelle Salac
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304 views4 pages

Answer Key - Chapter 20

This document contains sample problems related to accounting for agriculture. Problem 1 contains 10 true/false questions. Problem 5 lists theories correlated with letters and numbers. Problem 6 contains 6 multiple choice computational questions related to biological assets, property and agricultural produce inventories. It provides solutions showing the calculations for each question.

Uploaded by

Jannelle Salac
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 21

Agriculture

PROBLEM 1: TRUE OR FALSE


1. FALSE 6. FALSE
2. FALSE 7. FALSE – ‘activity’ not productivity’
3. TRUE 8. FALSE
4. TRUE 9. FALSE
5. TRUE 10. FALSE

PROBLEM 5: THEORY
1 6. D
C
.
2 7. C
B
.
3 8. B
A
.
4 9. D
B
.
5 10. B
C
.

PROBLEM 6: MULTIPLE CHOICE: COMPUTATIONAL


1. B
Solution:
Sheep 500,000
Wheat plants 60,000
Trees in a timber plantation 95,000
Maize plants 40,000
Dairy cattle 1,000,000
Pigs 200,000
Bean plants 20,000
Cotton plants 10,000
Peanut plants 5,000
Sugarcane 25,000
Tobacco plants 45,000
Total biological assets - PAS 41 2,000,000

2. A

1
Solution:
Tea bushes 800,000
Grape vines 2,000,000
Fruit trees 600,000
Oil palms 300,000
Rubber trees 300,000
Total PPE - PAS 16 4,000,000

3. A
Solution:
Wool 6,000
Felled trees 8,000
Milk 9,000
Carcass 7,000
Harvested cotton 13,000
Harvested peanuts 140,000
Harvested cane 22,000
Picked leaves 3,000
Picked grapes 2,000
Picked fruit 10,000
Harvested latex 10,000
Total agricultural produce 230,000

4. C
Solution:
Roasted peanuts 20,000
Yarn 22,000
Carpet 33,000
Logs 45,000
Lumber 62,000
Cheese 75,000
Sausages 88,000
Cured hams 92,000
Thread 3,000
Clothing 150,000
Sugar 67,000
Cured tobacco 320,000
Tea 43,000
Wine 500,000
Processed fruit 20,000
Palm oil 50,000
Rubber products 10,000
Total inventory 1,600,000

5. A Solution:
FVLCS, 12/31/2007: (230 x 6) = 1,380
Less: Carrying Amt. [(200 x 5) + 212] (1,212)
Unrealized gain 168

2
6. C
Solution:
FVLCS - Dec. 31, 20x1:
I. Three animal from beginning of the period now 2 yrs.
old:
(₱2,400 x 3) 7,200
II. Two animals purchased on Mar. 31 now 3 yrs. old:
(₱3,500 x 2) 7,000
III. Six animals born on Oct. 1, 20x1 now 0.25 year old
(₱800 x 6) 4,800
19,00
FVLCS - Dec. 31, 20x1 0

Carrying amount excluding newborn:


Carrying amount on January 1, 20x1 @ FVLCS 3,000
FVLCS of animal purchased on Mar. 1, 20x1 4,000
Carrying amt. on Dec. 31, 20x1 excluding newborn 7,000

12,00
Total gain from changes in FVLCS during 20x1
0

7. D
Solution:
(FVLCS, end. Age as of beg.) - (FVLCS, beg. Age as of beg.) x Qty.

I. Three animals from beginning of the period:


(₱1,200 - ₱1,000) x 3 ₱600

II. Two animals purchased during the period


(₱3,000 - ₱2,000) x 2 2,000

III. Six animals born during the period


(₱600 - ₱500) x 6 600

Change in FVLCS attributable to PRICE CHANGE ₱3,200

8. A
Solution:
(FVLCS, end. Age as of end.) - (FVLCS, end. Age as of beg.) x Qty.

3
+ FVLCS of newborn at date of birth

I. Three animals from beginning of the period:


(₱2,400 - ₱1,200) x 3 ₱3,600

II. Two animals purchased during the period


(₱3,500 - ₱3,000) x 2 1,000

III. Six animal born during the period


(₱800 - ₱600) x 6 1,200

FVLCS of newborn at date of birth (500 x 6) 3,000

Change in FVLCS attributable to physical change ₱8,800

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