Statement 1: When the residual value is guaranteed by the lessee, the lessor shall include the same in its gross investment and net investment. Statement 1: When the residual value is not guaranteed by the lessee, the lessor shall include the same in its gross investment and net investment. Both statements are incorrect. Both statements are correct Only statement 1 is correct Only statement 2 is correct

Statement 1: When the residual value is guaranteed by the lessee, the lessor shall include the same in its gross investment and net investment. Statement 1: When the residual value is not guaranteed by the lessee, the lessor shall include the same in its gross investment and net investment. Both statements are incorrect. Both statements are correct Only statement 1 is correct Only statement 2 is correct

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter11: Investor Losses

Section: Chapter Questions

Problem 3BCRQ

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Statement 1: When the residual value is guaranteed by the lessee, the lessor shall include the same in its gross investment and net investment.Statement 1: When the residual value is not guaranteed by the lessee, the lessor shall include the same in its gross investment and net investment. Group of answer choices Only statement 2 is correct Both statements are incorrect. Both statements are correct Only statement 1 is correct
Following IFRS, which statement is false? Group of answer choices The revaluation surplus account is a specific account reported as an unrealized gain in the statement of comprehensive income. If the revaluation initially increases the long-term operating asset's carrying value, the firm records the difference between the carrying value and the fair value (the unrealized gain) in the revaluation surplus account. The revaluation surplus account is a specific account reported in other comprehensive income (OCI) in the statement of comprehensive income. If a long-term operating asset's fair value decreases in subsequent accounting periods, after an earlier write-up, the firm reduces the revaluation surplus if it exists.
If an entity has elected to use the fair value option for a financial liability; a. It is measured at fair value through other comprehensive income. b. It is measured at fair value through profit or loss. c. It is measured at amortized cost. d. Fair value op don is prohibited for financial liabilities.
Which statement is true when a debt investment at amortized cost is reclassified to FVOCI? a. All these statements are true. b. The difference between the previous carrying amount and fair value at reclassification date is recognized in other comprehensive income. c. The original effective rate is not adjusted d. The debt investment is measured at fair value at reclassification date.
Which of the following observations refers to the term differential? Select one: a. Excess of investment amount over fair value of net assets b. Excess of Investment amount over book value net assets c. Excess of fair value over book value of net assets d. Excess of fair value over historical cost of assets
Statement 1: The lessor will recognized the same gross profit whether the residual value is guaranteed by the lessee or not guaranteed by the lessee.Statement 2: Any initial direct cost paid by the lessor shall reduce the amount of unearned interest income that the lessor shall recognized at inception of the lease. Group of answer choices Both statements are incorrect. Only statement 1 is correct Only statement 2 is correct Both statements are correct
true or false The net defined benefit liability/asset that is presented in the balance sheet is the difference between the FVTA and the PV of DBO, subject to the asset ceiling if appropriate.
Statement 1: The lessor will recognized the same gross profit whether the residual value is guaranteed by the lessee or not guaranteed by the lessee. Statement 2: Any initial direct cost paid by the lessor shall reduce the amount of unearned interest income that the lessor shall recognized at inception of the lease. Only statement 2 is correct O Both statements are correct O Both statements are incorrect. Only statement 1 is correct
Which of the following is correct about subsequent measurement of financial asset at fair value? a. the financial asset shall be measured at fair value if the business model is not to collect contractual cash flows on specified dates and the contractual cash flow ae not solely payment of principal and interest. b. An entity may designate a finacncial asset as measured at fair value through profit or loss even if the financial asset satisfies the amortized cost measurement. c. both are correct d. both are incorrect
(a) In your own words, explain how do we account for service costs included within a contract to lease an asset? (b) Briefly explain how a company calculates its current liability 'income tax payable'? (c) In your own words, explain why a temporary difference relating to employee benefits obligations for long-service leave creates a deferred tax asset (d) In your own words, briefly explain a 'qualifying asset' and how we report exchange rate differences relating to the acquisition of qualifying assets? Contrast this with the treatment for assets that are not qualifying assets
Elements of gross income, except: A. There is return of capital B. It must be realized C. Not exempted by law or contract D. None of the above
1. All of the following are components of the defined benefit cost except * unvested past service cost interest on the effect of the asset ceiling loss on settlement return on plan assets 2. Which of the following are recognized in other comprehensive income? service cost net interest in net defined benefit liability (asset) amortization of actuarial gains or losses difference between interest income on plan assets and return on plan assets 3. The balance of the present value of defined benefit obligation is affected by all of the following except * actuarial gains or losses interest cost current service cost contributions to the fund 4. If the present value of the defined benefit obligation exceeds the fair value of the plan assets, there is * deficit surplus expense prepaid accrued benefit cost