A contract is, or contains, a lease if the contract conveys the right __________ an identified asset for a period of time in exchange for consideration.
IFRS - Are we good to go - IFRS 16 - W9

Quiz
•
Professional Development
•
1st - 3rd Grade
•
Hard
thao duong
Used 8+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
To use
To control the use of
To obtain economic benefits from
To recognise depreciation changes of
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A right-of-use asset acquired under a lease is measured at which amount according to IFRS 16?
Lease liability + initial direct costs + estimated costs of dismantling + incentives received
Lease liability - initial direct costs + estimated costs of dismantling - incentives received
Lease liability - initial direct costs - estimated costs of dismantling + incentives received
Lease liability + initial direct costs + estimated costs of dismantling - incentives received
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
When A entity entered into a 4 year lease agreement on 30 April 2014, the fair price of the asset was $380,000. The lease term involved A entity making a payment on 30 April 2014 of $130,000, followed by 3 annual payments on 30 April of $101,000. The asset has an estimated useful life of 5 years and the rate implicit in the lease is 10%.
What amount will be charged to statement of profit or loss in respect of this asset in the year to 30 November 2014? ($'000)?
62
48
91
70
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
B entity entered into a lease of a piece of machinery for $1,000 per annum for 5 years. B is granted a rent-free period in the first year and elects to apply the low-value exemption in IFRS 16 leases.
Calculate the annual lease rental expense to be recognised through profit or loss?
1,000
Nil
1,250
800
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of following scenarios requires the discount rate to be reassessed?
A change in future lease payments due to a change in an index or rate.
A change in the amount expected to be payable under a residual value guarantee.
A change in variable lease payments.
A significant change in lease payments as a result of a floating interest rate.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What are the possible lease classification(s) for lessors under IFRS 16?
Operating or finance
Finance only
Operating only
None of the above
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Variable payments that depend on a rate or index are initially measured as of the ___________ date.
termination
future
commencement
remeasurement
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