
Lessee Accounting
Authored by John Servidad
Business
University
Used 16+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under IFRS, a lessee is required to recognize
Right of use asset and lease liability
Right of use asset but not lease liability
Lease liability but not right of use asset
Neither right of use asset nor lease liability
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The lessee may apply the operating lease model under what condition?
Short-term lease
Low value lease
Both short-term lease and low value lease
under all circumstances
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A short-term lease is defined as
Twelve months or less
Six months or less
Twelve-month lease With a purchase option
Two-year lease With option to terminate
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement is true about low value lease?
The value of an underlying asset is based on the value of the asset when new regardless of the age of the asset.
The term of a low value lease may be more than twelve months.
An underlying asset does not qualify as low value lease if the nature of the asset is such that the asset is typically not of low value when new.
All of these statements are true about low value lease.
5.
DROPDOWN QUESTION
1 min • 1 pt
A right of use asset is initially measured at
(a)6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The cost of right of use asset comprises all, except
The cost of right of use asset comprises all, except
Initial direct cost incurred by lessee
Lease payment made to lessor on or before commencement date
Estimated cost of dismantling and restoring the underlying asset for which the lessee has no present obligation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The right of use asset is reported as
Noncurrent as separate line stem
Property, plant and equipment
Intangible asset
Investment property
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
10 questions
Positive Values of Filipino Entrepreneurs
Quiz
•
University
10 questions
WACC and Dividend policy
Quiz
•
University
10 questions
Lecture 1&2 ACC1014
Quiz
•
University
10 questions
QUIZ 1
Quiz
•
University
10 questions
E-COMMERCE: MODERN PROBLEMS NEEDS MODERN SOLUTIONS
Quiz
•
University
10 questions
Income Taxation Quiz
Quiz
•
University
10 questions
Quality
Quiz
•
12th Grade - University
10 questions
Employability skills
Quiz
•
University
Popular Resources on Wayground
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
10 questions
Probability Practice
Quiz
•
4th Grade
15 questions
Probability on Number LIne
Quiz
•
4th Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
6 questions
Appropriate Chromebook Usage
Lesson
•
7th Grade
10 questions
Greek Bases tele and phon
Quiz
•
6th - 8th Grade
Discover more resources for Business
12 questions
IREAD Week 4 - Review
Quiz
•
3rd Grade - University
20 questions
Endocrine System
Quiz
•
University
7 questions
Renewable and Nonrenewable Resources
Interactive video
•
4th Grade - University
30 questions
W25: PSYCH 250 - Exam 2 Practice
Quiz
•
University
5 questions
Inherited and Acquired Traits of Animals
Interactive video
•
4th Grade - University
20 questions
Implicit vs. Explicit
Quiz
•
6th Grade - University
7 questions
Comparing Fractions
Interactive video
•
1st Grade - University
38 questions
Unit 8 Review - Absolutism & Revolution
Quiz
•
10th Grade - University