DR. FILEMON C.

AGUILAR MEMORIAL COLLEGE

OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

Course Code and Title : Intermediate Accounting 1

Lesson 5 : Biological Assets

Topics : Recognition, measurement, biological transformation,

government grants

This lesson identifies the recognition and measurement of biological assets in

accordance with Philippine Accounting Standards 41 (PAS 41).

Learning Objectives

At the end of this module, the learners are expected to:

COGNITIVE

1. Identify the recognition principles as well as the initial and subsequent measurement
of biological assets.

PSYCHOMOTOR

2. Account for the changes in fair value as a result of biological transformation.

AFFECTIVE

3. Appreciate the effects of government grants in biological assets

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 1 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

Pre-Assessment

Exercise #1: Measurement

Temerity Company has different kinds of farm animals on January 1, 2014. During the current year,
several acquisitions occurred related to these farm animals. A detailed summary of these
transactions is as follows:

Carrying amount on January 1:

15 Horses (1 year old) 1,000,000
10 Dairy cattle (2 years old) 400,000
8 Carabaos (2.5 years old) ' 200,000
20 Hogs (3 years old) 500,000
Purchases on June 30:
4 Dairy cattle (1 year old) 150,000
6 Carabaos (6 months old) 100,000

Fair value less cost of disposal on December 31:

15 Horses (1 year old) 1,200,000
10 Dairy cattle (2 years old) 520,000
8 Carabaos (2.5 years old) 250,000
20 Hogs (3 years old) 550,000
4 Dairy cattle (1 year old) 170,000
6 Carabaos (6 months old) 110,000

Fair value less cost of disposal on December 31:

15 Horses (2 years old) 1,350,000
10 Dairy cattle (3 years old) 580,000
8 Carabaos (3.5 years old) 290,000
20 Hogs (4 years old) 600,000

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 2 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

4 Dairy cattle (1.5 years old) 200,000

6 Carabaos (1 year old) 140,000

There were no farm animals sold during the year and neither were there any newborns nor deaths.

Required:
What is the carrying amount of the biological assets on December 31?
What is the gain from change in fair value attributable to price change?
What is the gain from change in fair value attributable to physical change?

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 3 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

LESSON PRESENTATION

INTRODUCTION
Biological Assets are assets that are living – for example, trees, animals, or cannabis.
The balance sheet breaks down a company’s assets at a given point in time, classifying
them by type and attributing a value to them. The International Accounting Standard 41
(IAS 41) states that a biological asset is any living plant or animal owned by the
business, and they are typically measured at fair value minus selling costs.1

PAS 41 Scope
PAS 41 shall be applied to account for the following when they relate to agricultural
activity:
a. Biological assets
b. Agricultural produce
c. Government grant related to a biological asset

Note that PAS 41 is applied to agricultural produce at the point of harvest. Thereafter,
PAS 2 on inventories shall be applied. PAS 41 does not deal with the processing of
agricultural produce after harvest. For example, the processing of grapes into wine is
covered by PAS 2.

 Biological assets are "living animals and living plants".

 Agricultural produce is the harvested product of the entity's biological assets.
 Harvest is the detachment of produce from a biological asset or the cessation of
a biological asset's life processes.

The following table provides examples of biological assets, agricultural produce and
products that are the result of processing after harvest.

1
https://bit.ly/2ZqKhit

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 4 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

Biological asset Agricultural Product

produce after harvest
1. Sheep Wool Yarn, carpet
2. Trees in plantation forestFelled trees Logs, lumber
3. Plant Harvested cane Sugar
4. Dairy cattle Milk Cheese
5. Pigs Carcass Sausage, cured ham
6. Bushes Leaf Tea, cured tobacco
7. Vines Grapes Wine
8. Fruit trees Picked fruit Processed fruit

Again, the measurement of biological assets and agricultural produce is covered by

PAS 41 and the measurement of products after harvest is covered by PAS 2 on
inventories.

Agricultural Activity
Agricultural activity or simply "agriculture" is the management by an entity of the
biological transformation and harvest of biological assets for sale or for conversion into
agricultural produce or into additional biological assets.

Biological transformation comprises the processes of growth, degeneration, production

and procreation that cause qualitative or quantitative changes in a biological asset.

Examples
Agricultural activity covers a diverse range of activities such as the following:
1. Raising livestock
2. Annual or perennial cropping
3. Cultivating orchards and plantations

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 5 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

4. Floriculture
5. Aquaculture, including fish farming

Features of Agricultural Activity

Capability to change
Living animals and plants are capable of biological transformation.

Management of change
The agricultural activity must be "managed" to facilitate biological transformation by
enhancing or at least stabilizing conditions necessary for the process to take place.
Such management distinguishes agricultural activity from other activities.
For example, harvesting from "unmanaged" sources, such as ocean fishing and
deforestation, is not agricultural activity.

Measurement of change
The change in quality or quantity brought about by biological transformation or harvest
is measured and monitored as a routine management function.

Biological transformation results from the following types of outcome:

1. Asset changes through:
a. Growth - an increase in quantity or improvement in quality of an animal or plant.
b. Degeneration - a decrease in quantity or deterioration in quality of an animal or plant.
c. Procreation - creation of additional living animal or plant.
2. Production of agricultural produce such as latex, tea leaf, wool and milk.

Recognition Principle
An entity shall recognize a biological asset or an agricultural produce when:
1. The entity controls the asset as a result of past event.

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 6 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

2. It is probable that future economic benefits associated with the asset will flow to the
entity.
3. The fair value or cost of the asset can be measured reliably.

Measurement
A biological asset shall be measured on initial recognition and at the end of each
reporting period at fair value less cost of disposal.

Agricultural produce shall be measured at fair value less cost of disposal at the point of
harvest.

Cost of Disposal
"Cost of disposal" is the incremental cost directly attributable to the disposal of an asset.
In other words, cost of disposal is a necessary cost for a sale to occur that would not
otherwise arise.

Examples include commission to brokers and dealers, levy by regulatory agency and
commodity exchanges, and transfer tax and duty.

Under the Basis for Conclusions on PAS 41, cost of disposal specifically excludes
transport cost, finance cost and income tax.

Fair Value
Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date.

PFRS 13, paragraph 72, enumerates the fair value hierarchy or best evidence of fair
value as follows:

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 7 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

1. Level 1 inputs are the quoted prices in an active market for identical assets. An
active market is a market in which transactions for the asset or liability take place
with sufficient regularity and volume to provide pricing information on an ongoing
basis. A principal market is the market with the greatest volume and level of activity
for the asset or liability.
2. Level 2 inputs are observable inputs either directly or indirectly. Level 2 inputs
include quoted prices for similar assets in an active market and quoted prices for
identical or similar assets in an inactive market.
3. Level 3 inputs are unobservable inputs for the asset usually developed by the entity
using the best available information from the entity's own data.

An example is the financial forecast of expected cash inflows from the asset.

Fair Value of biological assets

There is a presumption that fair value can be measured reliably for a biological asset.
However, this presumption can be rebutted only on initial recognition for a biological
asset for which market-determined prices are not available or estimates of fair value are
determined to be clearly unreliable.

In such a case, the biological asset shall be measured at cost less accumulated
depreciation and any accumulated impairment loss. However, once the fair value of
such biological asset becomes clearly measurable, the entity shall measure the
biological asset at fair value less cost of disposal.

Fair Value of agricultural produce

In all cases, an entity shall measure agricultural produce at the point of harvest at fair
value less cost of disposal. The prevailing view is that the fair value of agricultural
produce at the point of harvest can always be measured reliably.

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 8 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

The fair value measurement of agricultural produce stops at the time of harvest. After
that date, PAS 2 on inventory shall apply. In other words, the harvested product
becomes an inventory and shall be measured subsequently at the lower of cost and net
realizable value. The harvested product is recorded by debiting inventory and crediting
gain from change in fair value.

Subsequent measurement
 A gain or loss arising on initial recognition of a biological asset at fair value less
cost of disposal and any subsequent changes in fair value cost of disposal shall
be included in profit or loss.
 A loss may arise on initial recognition of a biological asset because cost of
disposal is deducted in determining fair value loss cost of disposal of a biological
asset.
 A gain may arise on initial recognition of a biological asset, for example, when a
calf is born.
 A gain or loss arising from initial recognition of agricultural produce at fair value
less cost of disposal shall also be included in profit or loss.
 A gain or loss may arise on initial recognition of agricultural produce as a result of
harvesting.
 An entity shall disclose 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 of disposal of biological asset.

ILLUSTRATIVE EXAMPLE
Honey Company has a herd of ten 2-year old animals on January 1, 2014. One animal aged
2.5 years was purchased on July 1, 2014 for P108, and one animal was born on July 1, 2014.
No animals were sold or disposed of during the year. The fair value less cost of disposal per
unit is as follows:

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 9 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

2 - year old animal on January 1 100

2.5-year old animal on July 1 108
New born animal on July 1 70
2 - year old animal on December 31 105
2.5 - year old animal on December 31 111
Newborn animal on December 31 72
3 - year old animal on December 31 120
0.5 - year old animal on December 31 80

Solutions:
Journal entry
Biological asset on January 1, 2014
Ten 2-year old animal (10 x 100) 1,000

July 1, 2014
Biological asset – animal 108
Cash 108
To record the purchase of 2.5 year old animal

Biological asset – animal 70

Gain due to physical change 70
To record the new born animal

Biological asset on December 31, 2014

Eleven 3-year old animal (11 x 120) 1,320
One 0.5-year old animal 80
Total 1,400

Fair value of 10 animals on January 1 (10 x P100) 1,000

Acquisition cost of one animal on July 1 108
Total carrying amount of biological assets - December 311,108

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 10 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

Fair value on December 31,2014 1,400

Carrying amount 1,108
Gain from change in fair value 292

Gain from change in fair value due to price change:

10 2-year old animals (105-100 = 5x10) 50
1 2.5-year old animal (111-108 = 3 x 1) 3
1 newborn on July 1 (72 - 70 = 2 x 1) 2
Total 55

Gain from change in fair value due to physical change:

10 3-year old animals acquired 1/1/2014(120-105 = 15 x 10)150
1 3-year old animal acquired 7/1/2014 (120-111 = 9 x 1) 9
1 0.5-year old born on 7/1/2014 (80-72 = 8 x 1) 8
1 newborn (70 x 1) 70
Total 237
Price change 55
Physical change 237
Total gain from change in fair value 292

Journal entry on December 31, 2014

Biological asset – animal 292
Gain due to price change 55
Gain due to physical change 237

Agricultural Land
 Agricultural land is not a biological asset.
 The principles espoused in PAS 41 for biological assets and agricultural produce
do not apply to agricultural land.

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 11 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

 The requirements of PAS 16 which are applicable to property, plant and

equipment apply equally to agricultural land for purposes of measurement.

Biological Asset attached to land

 Biological assets are often physically attached to land, for example, trees in a
plantation forest.
 There may be no separate market for biological assets that are attached to the
land but an active market may exist for the combined assets, that is, for the
biological assets and land as a package.
 An entity may use information regarding the combined assets to determine the
fair value of the biological assets.
 For example, the fair value of the land may be deducted from the fair value of the
combined assets to arrive at the fair value of the trees in the plantation forest.

ILLUSTRATIVE EXAMPLE
Forester Company has reclassified certain assets as biological assets. The total value of the
forest assets is P6,000,000 which comprises:

Freestanding trees 5,100,000

Land under trees 600,000
Roads in forests 300,000
6,000,000

In the statement of financial position, what total amount of the forest assets should be
classified as biological assets?

Answer:
Only the freestanding trees shall be classified as biological assets. The land under trees and
roads in forests shall be included in property, plant and equipment.

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 12 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

Government Grants
1. An unconditional government grant related to a biological asset that has been
measured at fair value less cost of disposal shall be recognized in profit or loss when
the grant becomes receivable. If a government grant related to a biological asset
measured at fan value less cost of disposal is conditional, the grant shall be
recognized in profit or loss only when the conditions attaching to the grant are met.
2. If a government grant relates to a biological asset measured at cost less any
accumulated depreciation and any accumulated impairment losses, PAS 20 on
"government grant" is applied.

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 13 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

ACTIVITY EVALUATION

Student Name: Date Taken:

Course, Year and Section: Time Frame:

Multiple Choice
Choose the correct answer from the choices provided. Write your answer beside the
number. USE CAPITAL LETTERS. ERASURES ARE NOT ALLOWED.

1. Where there is a long aging or maturation process after harvest, the accounting for such
products shall be dealt with by
A. PAS 41, Agriculture C. PAS 40, Investment property
B. PAS 2, Inventories D. PAS 16, Property, plant and equipment

2. Which of the following is not dealt with by PAS 41?

A. The accounting for biological assets.
B. The processing of agricultural produce after harvesting.
C. The accounting treatment of government grant received in respect of biological assets.
D. The initial measurement of agricultural produce harvested from the entity's biological
assets.

3. It is the management by an entity of the biological transformation and harvest of biological

assets for sale or for conversion into agricultural produce or into additional biological asset.
A. Agricultural activity C. Development activity
B. Biological activity D. Economic activity

4. Agricultural activity includes all of the following, except

A. Aquaculture C. Perennial cropping
B. Ocean fishing D. Raising livestock

5. Biological assets
A. Must be measured at cost.

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 14 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

B. Are found only in Biotech entities.

C. Do not generally have future economic benefits.
D. Are living animals or living plants and must disclosed as a separate line item in the
statement of financial position.

6. All of the following would be classified as biological asset, except

A. Chicken C Egg
B. Dairy cattle D. Tree

7. It is the harvested product of the entity's biological assets.

A. Agricultural produce C. Harvest
B. Agriculture D. Product

8. Agricultural produce is
A. The harvested product from biological asset.
B. Valued at the time of harvest at the cost of production.
C. All of the choices are correct regarding agricultural produce.
D. Valued at each reporting period at fair value less cost of disposal.

9. Which of the following statements is true regarding agricultural produce?

A. The fair value measurement of agricultural produce stops at the time of harvest.
B. In all cases, an entity shall measure agricultural produce at fair value less cost of
disposal at the point of harvest.
C. The prevailing view is that the fair value of agricultural produce at the point of harvest
can always be measured reliably.
D. All of these statements are true regarding agricultural produce.

10. Which of following statements in relation to agricultural produce is correct?

I. In all cases, an entity shall measure agricultural produce at the point of harvest at fair
value less cost of disposal.
II. The prevailing view is that the fair value of agricultural produce at the point of harvest
can always be measured reliably.

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 15 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

A. I only C. Both I and II

B. II only D. Neither I nor II

THE NEXT ITEMS ARE BASED ON THE FOLLOWING

Farmland Company produces milk on its farms. The entity produces 20% of the community's
milk that is consumed. Farmland Company owns 5 farms and had a stock of 2,100 cows and
1,050 heifers.
The farms produce 800,000 kilograms of milk a year and the average inventory held is 15,000
kilograms of milk. However, on December 31,2014 the entity is currently holding 50,000
kilograms of milk in powder. On December 31,2014, the biological assets are:

Purchased before January 1, 2014 (3 years old) 2,100 cows

Purchased on January 1,2014 (2 years old) 300 heifers
Purchased on July 1,2014 (1.5 years old) 750 heifers

No animals were born or sold during the current year. The unit fair value less cost of disposal is
as follows.

January 1, 2014: 1-year old 3,000

2-year old 4,000
July 1,2014: 1-year old 3,000
December 31, 2014: 1-year old 3,200
2-year old 4,500
1.5-year old 3,600
3-year old 5,000

The entity has had problems during the year. Contaminated milk was sold to customers. As a
result, milk consumption has gone down.

The entity's business is spread over different parts of the country. The only region affected by
the contamination was Batangas. However, the cattle in this area were unaffected by the
contamination and were healthy. The entity feels that it cannot measure the fair value of the

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 16 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

cows in the region because of the problems created by the contamination. There are 600 cows
and 200 heifers in the Batangas farm and all these animals had been purchased on January 1,
2014.

11. What is the fair value of biological assets on January 1, 2014?

A. 7,200,000 C. 9,300,000
B. 8,400,000 D. 9,600,000

12. What is the fair value of biological assets purchased on July 1, 2014?
A. 2,250,000 C. 3,375,000
B. 3,000,000 D. 3,750,000

13. What is the fair value of biological assets on December 31, 2014?
A. 11,850,000 C. 15,225,000
B. 14,550,000 D. 15,750,000

14. What is the increase in fair value of biological assets on December 31, 2014?
A. 3,000,000 C. 5,250,000
B. 4,950,000 D. 6,150,000

15. What is the increase in fair value of biological assets due to physical change?
A. 1,260,000 C. 1,740,000
B. 1,440,000 D. 3,000,000

16. Africa Company purchased 2,000 llamas at the beginning of current year. These llamas will
be sheared semiannually and their wool sold to specialty clothing manufacturers. The
llamas were purchased for P5,000,000. During the current year, the change in fair value
due to growth and price changes is P350,000, the wool harvested but not yet sold is valued
at net realizable value of P100,000, and the decrease in fair value due to harvest is
P50,000. What is the carrying amount of the biological asset at year-end?
A. 5,100,000 C. 5,350,000
B. 5,300,000 D. 5,400,000

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 17 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

17. Salve Company is engaged in raising dairy livestock. Information regarding activities
relating to the dairy livestock during the current year is as follows:

Carrying amount on January 1 5,000,000

Increase due to purchases 2,000,000
Gain arising from change in fair value less cost of disposal
attributable to price change 400,000
Gain arising from change in fair value less cost of disposal
attributable to physical change 600,000
Decrease due to sales 850,000
Decrease due to harvest 200,000

What is the carrying amount of the biological asset on December 31 ?

A. 6,000,000 C. 7,150,000
B. 6,950,000 D. 8,000,000

THE NEXT ITEMS ARE BASED ON THE FOLLOWING

Legend Dairy produced milk for local ice cream producers. The entity began operations at the
beginning of current year by purchasing milking cows for P2,000,000. The entity provided the
following information at year-end relating to the milking cows:

Carrying amount - January 1 2,000,000

Change in fair value due to growth and price change 400,000
Decrease in fair value due to harvest 50,000
Milk harvested during the year but not yet sold 150,000

18. What amount of net gain on biological asset should be reported in the current year?
A. 350,000 C. 550,000
B. 400,000 D. 600,000

19. What amount of gain on agricultural produce should be recognized in the current year?

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 18 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

A. 100,000 C. 350,000
B. 150,000 D. 400,000

20. Colombia Company is a producer of coffee. The entity is considering the valuation of
harvested coffee beans. Industry practice is to value the coffee beans at market value and
uses as reference a local publication "Accounting for Successful Farms".

On December 31, 2014, the entity has harvested coffee beans costing P3,000,000 and with
fair value less cost of disposal of P3,500,000 at the point harvest.

Because of long aging and maturation process after harvest, the harvested coffee beans
were still on hand on December 31, 2015. On such date, the fair value less cost of disposal
is P3,900,000 and the net realizable value is P3,200,000.

What is the measurement of the coffee beans inventory on December 31,2015?

A. 3,000,000 C. 3,500,000
B. 3,200,000 D. 3,900,000

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 19 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

REINFORCEMENT
ASSIGNMENT
DIRECTION: Concept Map

Prepare a concept map showing all the concepts discussed in this lesson. Make it brief and less
narrative.

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 20 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

REFERENCES
Suggested Textbooks:
Intermediate Accounting 1 (2019), Millan, Zeus Vernon B., Bandolin Enterprise, Baguio
City
Intermediate Accounting 1 (2020), Valix, Conrad, et.al., GIC Enterprise and Co., Inc.,
Manila

Additional Learning Materials:

Intermediate Accounting 4th Edition, Spiceland, Nelson and Thomas, McGraw Hill

Journals
Automate Accounting Journals, www.blackline.com
Partnership Accounting,www.Clifsnotes.com>Accounting Principles II
Warren, Carl S., Accounting 25th ed., (2015)

Suggested Websites:
www.iasplus.com
www.deloitte.com

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 21 of 22
DR. FILEMON C. AGUILAR MEMORIAL COLLEGE
OF LAS PINAS
Golden Gate Subdivision, Talon III, Las Piñas City
Tel Nos. 519-1960/4788671/4031985

ANSWERS

Prepared by: Josart B. Tubay, CPA, MBA (for DFCAMCLP use only)
Page 22 of 22