Examples of Situations in AASB 117 That Individually or in Combination

question 10

Multiple Choice

Examples of situations in AASB 117 that individually or in combination would normally lead to a lease being classified as a finance lease include:

• A)the lease transfers ownership of the asset to the lessee by the end of the lease term
• B)the lease term is for a minor part of the economic life of the asset is not transferred
• C)the lease transfers ownership of the asset to the lessor by the end of the lease term
• D)none of the above

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Definitions:

Epiglottis

A piece of cartilage at the tongue's base that moves down when swallowing to block the windpipe's entrance.

Arytenoid Cartilage

Paired cartilages located in the larynx that are crucial for the movement and tension of the vocal cords.

Lobes

Distinct regions into which certain organs or tissues, such as the brain, lungs, and liver, are divided, often with specific functions.

Rostrum

The anterior part of an organism's body, particularly the nose or snout.