Welcome to a whimsical waltz through the world of agriculture accounting! Now, before you start rolling your eyes thinking this is nothing but a dreary walk through fields of numbers, let us assure you—this ride includes farm animals with sometimes more sense than cents!
🐄 The Curious Case of Biological Assets
In the quaint and quirky world of agriculture, we deal with biological assets. IRS and FASB (those accounting party poopers) use fancy terms, but let’s break it down. Basically, biological assets are live plants or animals. Think of them as your farm’s VIPs (Very Important Plants and Pigs).
Types of Biological Assets
Most of us think “farm” and immediately envision rolling hills filled with cows, pigs, chickens—oh my! But wait, there’s more (as infomercials love to say)! Here are more inhabitants of a bustling farm life:
Plants
- Corn – the popcorn hero
- Wheat – the breadwinner
- Apples – teachers’ eternal bestie
pie title Biological Assets of Plants
