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What classification of leases under the gam for nga

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Problem 1: The classification of leases under the GAM for NGAs is based on

a. the significance in value of the leased asset and the length of the lease term.

b. the form of the contract rather than the substance of the transaction.

c.bthe extent of transfer of risks and rewards incidental to ownership of the leased asset from the lessor to the lessee.

d. the significance in value of the leased asset.

Problem 2: This is attached to the annual general purpose financial statements of a government entity as a cover letter.

a. Dedications, acknowledgments and best wishes.

b. Report on Highlights and Executive Summary

c. President's Budget Message

d. Statement of Management Responsibility for Financial Statements

Reference no: EM132744966

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