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 youโthis ride includes farm animals with sometimes more sense than cents!
๐ The Curious Case of Biological Assetsยง
In the quaint and quirky world of agriculture, we deal with biological assets. IRS and FASB (those accounting party poopers) use fancy terms, but letโs break it down. Basically, biological assets are live plants or animals. Think of them as your farmโs VIPs (Very Important Plants and Pigs).
Types of Biological Assetsยง
Most of us think โfarmโ and immediately envision rolling hills filled with cows, pigs, chickensโoh my! But wait, thereโs more (as infomercials love to say)! Here are more inhabitants of a bustling farm life:
Plantsยง
- Corn โ the popcorn hero
- Wheat โ the breadwinner
- Apples โ teachersโ eternal bestie