1. How will a finance lease be presented on the statement of financial position?

a.as a liability only

b.as an asset only

c.as recorded only when paid, so won't appear on the statement of financial position

d.as an asset and liability

2. When taxes such as federal goods and services (GST) tax are collected from customers as part of the total selling price of products, such taxes should be recorded as a debit to a current liability account.

True

False