Please answer this in complete details because I need to understand this for my upcoming exam. I hope you understand. Thank you.

Book reference: Intermediate Accounting 1 by Valix

Topic: Biological Assets

1. Differentiate biological assets, agricultural produce and harvest.

2. Give Examples of biological assets, agricultural produce and products that are the result of processing after harvest.

3. Describe the biological transformation.

4. What are the three criteria in recognizing a biological asset or agricultural produce in the records of an entity?

5. What is the justification for the gain/loss upon initial recognition of a purchased biological asset?

6. When may animals and plants not be considered biological assets of an entity?

7. Define What is an agricultural activity?

8. Explain the measurement of biological asset.

9. Explain the measurement and presentation of agricultural produce.

10. Explain the fair value measurement of agricultural produce and biological asset

11. Discuss What is a bearer plant?

12. Explain the accounting treatment for a bearer plant.

13. Give examples of bearer plant

14. Explain the accounting treatment of a plant with dual use.

15. Explain the treatment of bearer animals

16. Explain the treatment of animal-related recreational activities.