The balance of low value lease accrual that will be appearing in the SFP of Mudau Limited for the year ended 31 December 2022 will be A.3 000 B.1 500 C.4 500 D. Nil
Financial Accounting 2
1 Mudau entered into a contract with Denga for a lease of 24 laptops, the contract was entered on 1 April 2021, for two years, each item is of low value and Mudau limited applies the recognition exemption of IFRS 16 leases. The benefit delivered for Mudau limited from the lease agreement is constant over the lease period.
The following amounts are payable to Denga limited per the lease agreement:
From 1 April 2021 – 31 March 2022 R2 000 per month
From 1 April 2022 – 31 March 2023 R3 000 per month
Mudau limited has a 31 December year end.
The balance of low value lease accrual that will be appearing in the SFP of Mudau Limited for the year ended 31 December 2022 will be
A.3 000
B.1 500
C.4 500
D. Nil
2 The following elements are classified as financial assets except
A.Debentures issued by another entity
B.Trade payables
C. Trade debtors
D. Cash
3 which accounting standard was developed to regulate financial instruments among 2008 and 2009
A. IAS 40
B.IAS 20
C.IAS 39
D. IAS 23
4 Mudau entered into a contract with Denga for a lease of 24 laptops, the contract was entered on 1 April 2021, for two years, each item is of low value and Mudau limited applies the recognition exemption of IFRS 16 leases. The benefit delivered for Mudau limited from the lease agreement is constant over the lease period.
The following amounts are payable to Denga limited per the lease agreement:
From 1 April 2021 – 31 March 2022 R2 000 per month
From 1 April 2022 – 31 March 2023 R3 000 per month
Mudau limited has a 31 December year end.
The balance of low value lease accrual that will be appearing in the SFP of Mudau Limited for the year ended 31 December 2023 will be
A.3 000
B.1 500
C.4 500
D. Nil
5 The CCF test involves the following except?
A.
B. Principal
C. That are solely payment of
D. Coupon rate
6 How many steps does the classification process of the financial assets has
A.3
B.2
C.4
D. 5
7 Prepaid expenses are financial assets
True
False
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