Which of the Following Is Not One of the Situations

question 1

Multiple Choice

Which of the following is not one of the situations provided in AASB 117 in relation to the classification of leases as finance leases?

• A)Losses from the fluctuation of the fair value of the residual accrue to the lessee
• B)Leased assets are of a specialised nature
• C)The lessee has provided a guarantee that they will acquire the asset at the end of the lease term
• D)The lease is for a major part of the economic life of the asset.

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Definitions:

Job Skills

Abilities and knowledge which are necessary for specific tasks or professions.

Returning Students

Individuals who resume their education after an interruption, often older than traditional students and possibly balancing other life responsibilities.

Academic Work

Tasks related to the pursuit of education, including studying, writing, researching, and any activity facilitating learning and scholarly achievement.

Payday Loan

A type of short-term borrowing where a lender provides high-interest credit based on the borrower's income and credit profile.