In Determining If the Risk and Rewards of Ownership Have

question 5

Multiple Choice

In determining if the risk and rewards of ownership have been transferred,IAS 17 states the following would indicate a finance lease is in effect:

• A)Ownership of the assets transfers at the end of the lease term for a variable payment equal to its then fair value.
• B)Contingent rents exist.
• C)The lease is non-cancellable by the lessor.
• D)All of the given answers are correct.

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Definitions:

Strabismus

A condition where the eyes do not properly align with each other when looking at an object, often referred to as crossed eyes.

Amblyopia

A vision development disorder known as "lazy eye," where an eye fails to achieve normal visual acuity, despite the use of prescription eyeglasses or contact lenses.

Presbyopia

A form of age-related vision impairment characterized by difficulty in focusing on close objects, necessitating reading glasses or bifocals.

Iritis

is inflammation of the iris, the colored part of the eye, which can cause pain, light sensitivity, decreased vision, and redness of the eye, and requires prompt treatment to prevent serious complications.