Week 3 - Leases Flashcards
1
Q
Companies can choose either to publish one single statement of profit or loss and other comprehensive income or two separate statements. True or false?
A
True
2
Q
What is the accounting equation?
A
Assets = Equity + Liabilities
3
Q
What is an asset defined as under the IFRS?
A
A resource controlled by an entity with probable future economic benefit
4
Q
What is the definition of leases under IFRS 16?
A
When an entity has access to an asset for a series of payments
5
Q
How do you calculate present value?
A
PV = 1/(1+i)^n
6
Q
How do you calculate present value of an annuity?
A
1 – 1/ (1 + i)^n/i
7
Q
A
