Homework Help is Here – Start Your Trial Now!
Business
Accounting
2. Which of the following statements is incorrect? An ascot

2. Which of the following statements is incorrect? An ascot

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

PLease answer number 2 and 3 only. Thanks a lot !

determining whether a contract is or contains a lease? 1. Which of the following is not one of the criteria when c. Right to obtain substantially all of the economic benefits from use of an identified asset throughout the period of 'identified' if it is implicitly specified in the contract. C. the customer shall not account for the contract as a lease if a. the customer shall not account for the contract as a lease. b. the customer shall account for the contract as a lease. d. the customer shall account for the contract as a lease if that it has the right to direct the use of the asset. PROBLEM 2: MULTIPLE CHOICE - THEORY a. Identified asset b. Identified liability from use of an identified asset throughout the period of d. Right to direct the use of the identified asset throughout the period of use use 2. Which of the following statements is incorrect? a. An asset can be 'identified' if it is implicitly specified at the time it is made available for use by the lessee. b. In a lease contract, the party who legally owns the asset IS the lessor. c. The lessee recognizes an asset for its right-of-use in a lease contract only under the general recognition of PFRS 16. d. A portion of an asset that is not physically distinct can be 'identified' if it is implicitly specified in the contract. 3. If the supplier has substitution right, right is not substantive. 4. Nyt Co. ente
Transcribed Image Text:determining whether a contract is or contains a lease? 1. Which of the following is not one of the criteria when c. Right to obtain substantially all of the economic benefits from use of an identified asset throughout the period of 'identified' if it is implicitly specified in the contract. C. the customer shall not account for the contract as a lease if a. the customer shall not account for the contract as a lease. b. the customer shall account for the contract as a lease. d. the customer shall account for the contract as a lease if that it has the right to direct the use of the asset. PROBLEM 2: MULTIPLE CHOICE - THEORY a. Identified asset b. Identified liability from use of an identified asset throughout the period of d. Right to direct the use of the identified asset throughout the period of use use 2. Which of the following statements is incorrect? a. An asset can be 'identified' if it is implicitly specified at the time it is made available for use by the lessee. b. In a lease contract, the party who legally owns the asset IS the lessor. c. The lessee recognizes an asset for its right-of-use in a lease contract only under the general recognition of PFRS 16. d. A portion of an asset that is not physically distinct can be 'identified' if it is implicitly specified in the contract. 3. If the supplier has substitution right, right is not substantive. 4. Nyt Co. ente
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS