Who needs to record the leases differently between a finance lease and an operating lease? Reading required:            Learning objective 11.3 on page 332Group of answer choicesEither lessee or lessorA lessorA lesseeBoth lessee and lessor

Who needs to record leases by applying the right-of-use method? Reading required:            Learning objective 11.2.1 on page 320Group of answer choicesA lessor as a normal financierBoth lessee and lessorA lesseeA lessor as a manufacturer or a dealer

Who needs to record the inventory sales from the lease contracts? Reading required:            Learning objective 11.5.1 on page 339Group of answer choicesA lesseeA lessor as a manufacturer or a dealerA lessor as a normal financierBoth lessee and lessor

Briefly explain, in general terms, to a fellow accounting graduate, the difference in the accounting entries for a lessor if the lease is a finance lease compared to an operating lease. You may assume the lessor is a financier lessor (not a manufacturer/dealer lessor).

Under AASB 16, how does the treatment of operating leases differ from that of finance leases on a lessee's balance sheet?

Which of the following BEST DESCRIBES the elements that should be considered when assessing whether a contract contains a lease arrangement under AASB 16 Leases?  a) The underlying asset is clearly identified, the lessee has a right to control the underlying asset and is entitled to substantially all of the underlying asset’s economic benefits Correct!  b) The underlying asset is clearly identified, the lessee has a right to control the use of underlying asset and is entitled to substantially all of the underlying asset’s economic benefits