IFRS

IFRS

Professional Development

5 Qs

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IFRS

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Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Hard

Created by

Abel Nigatu

Used 1+ times

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

An entity shall apply IFRS 16 to all leases, except leases of right-of-use assets in a sublease.

True

False

2.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

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.

To use

to control the use of

To obtain economic benefits from

To recognise depreciation changes of

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

Which of the following shall a lessee recognise at the commencement date?

A) A right-of use asset

B) A lease liability

C) Deferred income

A and B

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

At the commencement date, a lessee shall measure the right-of-use asset at

Cost

Fair Value

Present Value

Value in use

5.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Media Image

An increase of the applicable discount rate will have the following impact for lessee:

A lower opertaing Profit

Higher RoU

Lower EBITDA

Lower Lease Liability

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