[amp_mcq option1=”Land” option2=”Building” option3=”Environment” option4=”Living plants and animals” correct=”option4″]
The correct answer is D. Living plants and animals.
A biological asset is a living animal or plant that is held for biological transformation to produce harvestable products or for sale as biological assets. Biological transformation is a process of converting biological inputs into products or additional biological assets by using the entity’s biological processes, such as growth, breeding, and harvesting.
Land is not a biological asset because it is not a living thing. A building is not a biological asset because it is not a living thing and it is not held for biological transformation. The environment is not a biological asset because it is not a living thing and it is not held for biological transformation.
Living plants and animals are biological assets because they are living things and they are held for biological transformation.