Explain which of following would result in the lessor classifying the lease as a finance lease. a.
Question:
a. The lease is for a major part of the economic life of the asset.
b. The lease term is for 12 months or less.
c. The lease transfers ownership of the asset at the end of the lease.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a If a lease is for a major part of the economic life of the lease the lea...View the full answer
Answered By
Sufiyan Ahmed Tariq
I am a Chartered Accountant and an Associate Public & Finance Accountant. I also hold a bachelors of Commerce degree. I have over 8 years of experience in accounting, finance and auditing. Through out my career, I have worked with many leading multinational organisation.
I have helped a number of students in studies by teaching them key concepts of subjects like accounting, finance, corporate law and auditing. I help students understanding the complex situation by providing them daily life examples.
I can help you in the following subject / areas:
a) Accounting;
b) Finance;
c) Commerce;
d) Auditing; and
e) Corporate Law.
7+ Reviews
17+ Question Solved
Related Book For 
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
