determining whether a contract is or contains a lease? from use of an identified asset throughout the period of 1. Which of the following is not one of the criteria when c. Right to obtain substantially all of the economic benefits PROBLEM 2: MULTIPLE CHOICE - THEORY a. Identified asset b. Identified liability use d. Right to direct the use of the identified asset throughout the period of use
determining whether a contract is or contains a lease? from use of an identified asset throughout the period of 1. Which of the following is not one of the criteria when c. Right to obtain substantially all of the economic benefits PROBLEM 2: MULTIPLE CHOICE - THEORY a. Identified asset b. Identified liability use d. Right to direct the use of the identified asset throughout the period of use
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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