What Is the Term IAS 17 Uses for a Lease

question 34

Multiple Choice

What is the term IAS 17 uses for a lease that transfers substantially all the risks and rewards incidental to ownership of an asset?

• A) Simple lease
• B) Finance lease
• C) Operating lease
• D) Legal lease

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Definitions:

Negligence Per Se

A legal doctrine where an action is considered negligent because it violates a statute or regulation designed to protect the public.

Strict Liability

A legal principle that holds a party responsible for damages or losses, regardless of fault or intent.

Unexcused Violation

A breach of rules or laws where the offender has no justifiable reason or excuse for their actions.

Reasonable Person Standard

A legal standard used to determine if an individual's actions can be considered as those of a hypothetical reasonable person under similar circumstances.