In Reference to the Statement

question 61

True/False

In reference to the statement,'.....if the non-cancellable lease term is for the major part of the economic life of the asset,the lease is generally considered to be a finance lease",AASB 117 defines "major part" as 75 per cent:

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Definitions:

General Fund

The primary operating fund of a government, covering general operations and services not accounted for in special-purpose funds.

Direct Increase

A rise in the value or quantity of something without intervening steps or intermediaries.

Endowment Fund

A fund where the principal amount is kept intact while the investment income is available for use, typically for the ongoing support of an organization.

General Fund

A main operating fund in governmental accounting, covering most basic services and activities.