Question 1

Under AASB 117,the required disclosures for lessees for operating leases include:

Accepted Answer

A)  the total of future minimum lease payments under noncancellable operating leases for several periods
B)  a general description of the lessee's significant leasing arrangements
C)  lease and sublease payments recognised as an expense in the period
D)  all of the above

Question 2

Explain the classification rules for operating and finance leases in AASB 117 and the AASB Framework.

Accepted Answer

AASB 117 reiterates the guidance provide...

Question 3

Identify the guidelines in AASB 117 in establishing whether,substantially,all the risks and rewards of ownership pass from the lessor to the lessee.

Accepted Answer

AASB 117 paras 10 and 11 provide example...

Question 4

An option to purchase the leased asset for an amount sufficiently below the expected fair value at the end of the lease term is known as a/an:

Accepted Answer

A)  minimum lease option
B)  guaranteed residual option
C)  bargain purchase option
D)  lease term option

Question 5

Explain the AASB 117 requirements for accounting for operating leases by lessors.

Accepted Answer

Lease receipts represent income to the l...

Question 6

The type of finance lease that is in substance the sale of inventory is a/an:

Accepted Answer

A)  direct finance lease
B)  manufacturer/dealer lease
C)  sale and leaseback lease
D)  none of the above

Exam 7: Leases

Under AASB 117,the required disclosures for lessees for operating leases include:

Correct Answer
verified

An option to purchase the leased asset for an amount sufficiently below the expected fair value at the end of the lease term is known as a/an:

Correct Answer
verified

Identify the guidelines in AASB 117 in establishing whether,substantially,all the risks and rewards of ownership pass from the lessor to the lessee.

Correct Answer
verified
AASB 117 paras 10 and 11 provide example...
View Answer

The type of finance lease that is in substance the sale of inventory is a/an:

Correct Answer
verified

Explain the classification rules for operating and finance leases in AASB 117 and the AASB Framework.

Correct Answer
verified
AASB 117 reiterates the guidance provide...
View Answer

Explain the AASB 117 requirements for accounting for operating leases by lessors.

Correct Answer
verified
Lease receipts represent income to the l...
View Answer

Exam 7: Leases

Under AASB 117,the required disclosures for lessees for operating leases include:

Correct AnswerverifiedShow Answer

An option to purchase the leased asset for an amount sufficiently below the expected fair value at the end of the lease term is known as a/an:

Correct AnswerverifiedShow Answer

Identify the guidelines in AASB 117 in establishing whether,substantially,all the risks and rewards of ownership pass from the lessor to the lessee.

Correct AnswerverifiedAASB 117 paras 10 and 11 provide example...View AnswerShow Answer

The type of finance lease that is in substance the sale of inventory is a/an:

Correct AnswerverifiedShow Answer

Explain the classification rules for operating and finance leases in AASB 117 and the AASB Framework.

Correct AnswerverifiedAASB 117 reiterates the guidance provide...View AnswerShow Answer

Explain the AASB 117 requirements for accounting for operating leases by lessors.

Correct AnswerverifiedLease receipts represent income to the l...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
AASB 117 paras 10 and 11 provide example...
View Answer

Correct Answer
verified

Correct Answer
verified
AASB 117 reiterates the guidance provide...
View Answer

Correct Answer
verified
Lease receipts represent income to the l...
View Answer