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Viefleur [7K]
3 years ago
13

A short-term lease: Multiple Choice Must be accounted for by the short-cut method if using U.S. GAAP. Is defined as having a val

ue of $10,000 or less. Is defined as having a lease term of fifteen months or less. Not required to be accounted for by the short-cut method if using IFRS.
Business
1 answer:
Sauron [17]3 years ago
6 0

Answer: Not required to be accounted for by the short-cut method if using IFRS.

Explanation:

A Short term Lease is one where a person or entity is granted the legal use of a space for a small period of time which is a year or less.

In calculating this, the Sixteenth International Financial Reporting Standards, IFRS 16, states that a Short Term lease may be charged directly to a Profit and Loss account.

It does not approve the use of the Shortcut method which is a qualitative measure of analysis that is ONLY approved under the US Accounting system (GAAP) and even then is not widely used.

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2 years ago
Walman Corp. manufactures products X, Y, and Z from a joint production process. Joint costs are allocated to products on the bas
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Answer:

$340,000

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3 years ago
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If the price of jelly decreases, the demand for peanut butter, a complementary good to jelly, will increase. The increase in the demand for peanut butter will cause the price of peanut butter to rise.

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1 year ago
A firm spends a great deal of money in advertising to inform consumers of the brand name of its mushrooms. Should consumers conc
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When a company brands it's goods, they are trying to create Brand Awareness and this usually happens when a company plans to stay in a business for a while and indeed with the way the Firm is spending a lot of money on Advertising, one can surmise that they do indeed plan to stay in the business because they have spent a lot.

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