Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all the questions immediately thankyou 21. Provision can be created in anticipation of a possible future event or circumstance. * (1 Point) TRUE

image text in transcribed

image text in transcribed

please answer all the questions immediately thankyou

21. Provision can be created in anticipation of a possible future event or circumstance. * (1 Point) TRUE FALSE LU 22. A lessor shall classify each of its leases as either an operating lease or a finance lease. * (1 Point) TRUE FALSE 23. Under PFRS 16, a right of use asset is initially measured at Cost. (1 Point) TRUE FALSE 24. Which is not a component of cost of right of use asset? * (1 Point) Lease payment made to lessor on commencement date Lessee's initial direct cost The present value of lease payments Estimated cost of dismantling and restoring the underlying asset for which the lessee has no present obligation 25. Rent received in advance by the lessor recognize in an operating lease should be recognized as revenue (1 Point) When the rent was received In the period specified by the lease At the date of inception of lease o When the lease contract expires

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Human Resource Management

Authors: Robert L. Mathis, John H. Jackson

13th Edition

053845315X, 978-0538453158

More Books

Students also viewed these Accounting questions