Living animals or plants such as trees in a plantation,dairy cattle,or chickens are known under the accounting standards as:

Question

Quizplus · Accepted Answer

Living animals or plants such as trees in a plantation, dairy cattle or chickens are classified as biological assets under the accounting standards. These assets are capable of being consumed or transformed in the agricultural production process. They are recorded at fair value less costs to sell and may change in value due to growth or decline in the biological factors affecting them.

Living Animals or Plants Such as Trees in a Plantation,dairy