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7. Under IFRS a capital lease (Points : 5)...

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7. Under IFRS a capital lease (Points : 5) Requires all gains and losses in the fair value of the lease to be recognized at the end of each fiscal year Can only be issued if it give the lessee the exclusive right to the property for a period of more than 3 years Agrees to give the lessee use of the asset for the term of the lease Does not exist under IFRS 8. Accounting for income taxes is consistent with the ____concept of accounting (Points : 5) Adequate disclosure Unit of measure Accrual Historical costs 9. All of the following will create a deferred tax asset EXCEPT (Points : 5) Estimated warranty costs, tax deductible when paid Operating loss carry forward Bad debt expense when using the allowance method for accounting and direct write off for tax Interest received on municipal bonds

 

Paper#6502 | Written in 18-Jul-2015

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