Scribd Logo
Upload

Welcome to Scribd!

  • 165 views

    Quiz-01-10-16-20-Class Finacc7 D

    Uploaded by

    Khevin Alvarado
    This document contains questions for a quiz on PFRS 16 Leases. It is divided into three sections: enumeration, comprehension, and problem solving, with various multiple choice, fill-in-the-blank, and discussion questions. The quiz is due on October 20, 2020 at 1pm and covers topics such as the definition of a lease, lessee and lessor accounting, right-of-use assets, lease liabilities, and impairment of assets.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Quiz-01-10-16-20-Class Finacc7 D

    Uploaded by

    Khevin Alvarado
    165 views8 pages
    This document contains questions for a quiz on PFRS 16 Leases. It is divided into three sections: enumeration, comprehension, and problem solving, with various multiple choice, fill-in-the-blank, and discussion questions. The quiz is due on October 20, 2020 at 1pm and covers topics such as the definition of a lease, lessee and lessor accounting, right-of-use assets, lease liabilities, and impairment of assets.

    Original Title

    QUIZ-01-10-16-20-CLASS FINACC7 D(368)

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains questions for a quiz on PFRS 16 Leases. It is divided into three sections: enumeration, comprehension, and problem solving, with various multiple choice, fill-in-the-blank, and discussion questions. The quiz is due on October 20, 2020 at 1pm and covers topics such as the definition of a lease, lessee and lessor accounting, right-of-use assets, lease liabilities, and impairment of assets.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    165 views8 pages

    Quiz-01-10-16-20-Class Finacc7 D

    Uploaded by

    Khevin Alvarado
    This document contains questions for a quiz on PFRS 16 Leases. It is divided into three sections: enumeration, comprehension, and problem solving, with various multiple choice, fill-in-the-blank, and discussion questions. The quiz is due on October 20, 2020 at 1pm and covers topics such as the definition of a lease, lessee and lessor accounting, right-of-use assets, lease liabilities, and impairment of assets.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 8

    PRSF16 (LEASES) COMPREHENSION - DUE ON 10-2020 TUE 1PM

    ENUMERATE
    1-3
    4-6
    7-9
    10-11
    12-13
    14-16
    17-19
    20-23
    24-25

    PROVIDE
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10
    11
    12
    13
    14
    15
    16

    17
    SF16 (LEASES) COMPREHENSION - DUE ON 10-2020 TUE 1PM
    50%
    ENUMERATE 3 FINANCIAL METRICS THAT OWNERS/SHAREHOLDERS OF BUSINESSES HAVE MOST INTEREST AND WATCH-OUT
    ENUMERATE THE DISADVANTAGES OF OFF-BALANCE SHEET TREATMENT OF LEASED ASSETS
    ENUMERATE THE SUBJECT COVERAGES OF FINACC7
    IN PRFS16 EXEMPTION THAT RELIEVES THE LESSEE FROM TAKING UP LEASE ASSETS ON THE BALANCE SHEET, WHAT ARE THE
    IN THE RATIONALE FOR USING IFRS/PFRS, ENUMERATE WHAT WILL IT PROVIDE THROUGHOUT THE COMPANY?
    PROVIDE EXAMPLES OF FIXED ASSETS THAT ARE CONSIDERED "LOW VALUE"
    PROVIDE EXAMPLES OF FIXED ASSETS THAT MAY HAVE BEEN IMPAIRED DURING THIS DIFFICULT TIMES OF THE COVID19 PAND
    PROVIDE FULL NAMES OF IFRS, PFRS ,IASB, IAS
    WHAT ARE THE MISSIONS OF IFRS FOUNDATION?

    34%
    UNDER PFRS16, HOW MUCH IS THE THRESHOLD OF A LOW-VALUE ASSET?
    CITY WHERE THE IFRS16 ORIGINATED AND PUBLISHED
    EXACT DATE WHEN IFRS16 FIRST PUBLISHED WAS FIRST PUBLISHED
    IN A FINANCIAL LEASE, TO WHAT ACCOUNT DOES THE LESSOR BOOK THE MONTHLY CASH RECEIPTS?
    IN AN OPERATING LEASE, TO WHAT ACCOUNT DOES THE LESSEE BOOK THE MONTLY PAYMENTS?
    IN PRFS16, HOW IS THE LEASE LIABILITY MEASURED OR CALCULATED?
    IN THE LEASING INDUSTRY, WHAT IS THE FULL NAME OF RTO
    INDICATE THE SPECIFIC OPERATING EXPENSE ACCOUNT RELATED TO 14), ABOVE
    UNDER PRFS16, UNDER THE LESSEE'S BOOKS/ACCOUNTING, WHY WILL OPERATING EXPENSES GO DOWN?
    WHAT ACCOUNTING STANDARD COVERS THE IMPAIRMENT OF ASSETS?
    WHAT IS THE FULL NAME OF ROUA
    WHAT IS THE SIGNIFICANT DIFFERENCE OF A FINANCE LEASE FROM AN OPERATING LEASE?
    WHY DID IASB DECIDED TOLEAVE LESSOR ACCOUNTING TREATMENT THE SAME UNDER PFRS16 VIS A VIS PAS17?
    YES OR NO. UNDER PRFS16 IN THE BALANCE SHEET, WILL EQUITY INCREASE?
    YES OR NO. UNDER PRFS16,WILL THE TAX LIABILITIES TO GOVT. BE SIGNIFICANTLY CHANGED VS. TAX LIABS. UNDER IAS17/PA
    A contract is, or contains, a lease if the contract conveys the right __________ an identified asset
    . To use
    . To control the use of
    . To obtain economic benefits from
    . To recognise depreciation changes of
    Which of the following shall a lessee recognize at the commencement date of the contract?
    a) A right-of use asset
    b) A lease liability
    c) Deferred income
    d) A and B
    e) B and C
    PRSF16 (LEASES) PROBLEM SOLVING QUIZ - DUE ON 10-2020 TUE 1PM
    I.

    PFRS16 Given

    Questions
    1
    2

    II.

    Questions
    1
    2

    TOTAL
    EASES) PROBLEM SOLVING QUIZ - DUE ON 10-2020 TUE 1PM
    8%

    A customer (C) enters into a contract with a road haulier (H) for the transportation of goods from
    Davao City to Valencia City on a specified truck. The truck is explicitly specified in the contract and H
    does not have substitution rights. The goods will occupy substantially all of the capacity of the truck.
    The contract specifies the goods to be transported on the truck and the dates of pickup and delivery.

    H operates and maintains the truck and is responsible for the safe delivery of the goods. C is
    prohibited from hiring another haulier to transport the goods or operating the truck itself.

    Does the contract of C with H contain a Lease? Yes or No


    Why?

    8%
    Customer enters into a contract with an aircraft owner (Supplier) for the use of an explicitly specified
    aircraft for a two-year period. The contract details the interior and exterior specifications for the
    aircraft.

    There are contractual and legal restrictions in the contract on where the aircraft can fly. Subject to
    those restrictions, Customer determines where and when the aircraft will fly, and which passengers
    and cargo will be transported on the aircraft. Supplier is responsible for operating the aircraft, using
    its own crew. Customer is prohibited from hiring another operator for the aircraft or operating the
    aircraft itself during the term of the contract.

    Supplier is permitted to substitute the aircraft at any time during the two-year period and must
    substitute the aircraft if it is not working. Any substitute aircraft must meet the interior and exterior
    specifications in the contract. There are significant costs involved in outfitting an aircraft in Supplier’s
    fleet to meet Customer’s specifications.

    Does the contract of Customer with Supplier contain a Lease? Yes or No


    Why?

    16%
    FINACC7 D
    QUIZ 1 OCT. 16, 2020
    (OPEN BOOKS)
    LAST NAME
    FIRST NAME
    MIDDLE NAME
    CLASS NO.

    ENUMERATION - 50%
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10
    11
    12
    13
    14
    15
    16
    17
    18
    19
    20
    21
    22
    23
    24
    25

    COMPREHENSION- 34%
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10
    11
    12
    13
    14
    15
    16
    17

    PROBLEM SOLVING - 16%

    I 1
    2

    II 1
    2

    TOTAL SCORE - 100%


    DUE ON: 10-20-20 (TUE.)-ON OR BEFORE 1PM

    ALVARADO
    KHEVIN
    SUMIGOT

    ANSWERS

    PFRS 16 LEASES
    PFRS FOR SMALL ENTITIES
    PRFRS FOR SMEs

    STABILITY
    TRANSPARENCY

    INTERNATIONAL FINANCIAL REPORTING STANDARDS


    PHILIPPINE FINANCIAL REPORTING STANDARDS
    INTERNATIONA ACCOUNTING STANDARDS BOARD
    INTERNATIONAL ACCOUNTING STANDARDS
    TO DEVELOP STANDARDS THAT BRING TRANSPARENCY, ACCOUNTABILITY AND EFFICIENCY TO FINANCIAL MARKETS AROU
    SERVE THE PUBLIC INTEREST BY FOSTERING TRUST, GROWTH AND LONG-TERM FINANCIAL STABILITY IN THE GLOBAL ECON

    $5,000
    LONDON, UNITED KINGDOM

    You might also like