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How should entity a classify the leases

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Problem 1: Entity A entered into lease contracts. Lease #1 transfers substantially all the risks and rewards incidental to ownership of the leased asset. Lease #2 does not transfer substantially all the risks ans reawards incidental to ownership of the leased asset. How should Entity A classify the leases? (Lease #1); (Lease #2)

a. finance, operating
b. Operating, finance
c. Finance, finance
d. Operating, Operating

Problem 2: Any asset or liability arising from a lease is initially recognized at the

a. inception of the lease
b. conceptiom of the lease
c. commencement of the lease
d. a or c

Problem 3: This lease gives rise to the recognition of an asset and a liability at the commencement date.

a. finance lease by lessor
b. finance lesses
c. operating lease by lessors
d. Operating lease by lesses

Reference no: EM132795863

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