Identify the term being referred to: An agreement where one party conveys to the another party the right to use an asset for an agreed period of time, in return for periodic payments.
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Identify the term being referred to:
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- Which of the following should be included by the lessee in determining the amount of the right-to-use asset and lease liability:If the sellers performance creates on asset (e.g., work in progress) that the customer controls as the asset is created, would the performance obligation be satisfied at a point in time or over time?What is the relationship between the book value and the fair value of an asset during the life of the asset?
- The amount due from or at the direction of the grantor is accounted for by the operator from the contract that is in the form of Financial asset as:fair value through other comprehensive incomeamortized costany of thesefair value through profit or lossExplain how an entity would initially and subsequently measure its right-of-use asset and lease liability if the leased asset is classified as investment property under the fair value model? Assuming the fair value of the asset is not given at the end of the period, how will it be best computed? Compare and contrast the lease-related expenses if the entity uses the cost model and fair value model for its right-of-use asset.Explain how to account for revenue on a long-term contract over time as opposed to at a point in time. Under what circumstances should revenue be recognized at the point in time a contract is completed?
- Occasionally, a lease agreement includes a guarantee by the lessee that the lessor will recover a specified residual value when custody of the asset reverts back to the lessor at the end of the lease term. Under what circumstance can the guaranteed residual value influence the amounts recorded by the lessee and lessor? In that circumstance, how are the amounts affected?Explain the major merits or benefits that accrue to the lessee by acquiring a tangible asset under a leasing agreementWhat do you think is the main criteria for the recognition of right of use asset and a lease liability on the part of the lessee?
- List the sequence of events for the lessee that leads to a lease arrangement.Generally accepted accounting principles require that certain leaseagreements be accounted for as purchases. The theoretical basis for thistreatment is that a lease of this type A. Effectively conveys all of the benefits and risks incident to the ownership of property B. Is an example of form over substance C. Provides the use of the leased asset to the lessee for a limited period of time D. Must be recorded in accordance with the concept of cause and effect_____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium. a.Spot contract b.Insurance c.Hedging d. Forward contract
