Certain information about leases in financial statements

Assignment Help Financial Accounting

Reference no: EM131202193

1. FASB requires lessees and lessors to disclose certain information about leases in their financial statements or in the notes to their financial statements. Which of the following is NOT lease related information that would be reported and disclosed in the financial statements of a company?

a. General description of the nature of the leasing arrangements.

b. The nature, timing and amount of cash inflows and outflows associated with leases.

c. Description of the investment securities and associated revenues of the company.

d. The amount of lease revenues and expenses reported in the income statement each period.

2. Some of the primary advantages of leasing are:

a) Flexibilty

b) Protection against obsolescence

c) 100% financing at fixed rates

d) All of the above answers

Reference no: EM131202193

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