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QUESTION 1
Part A
i) Define the terms finance lease and operating lease and explain how you would distinguish between the two leases
ii) When accounting for finance leases, accountants prefer to overlook legal framework in favour of commercial substance
Part B
i) State the major advantages of preparing a statement of cash flow
ii) Discuss briefly the formal process of International Financial Reporting Standards (IFRS) setting
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The Donut Shop, Inc. is planning to add a 2nd Donut Shop by opening a new store across from Webster University. A survey of the area has already been completed at a cost of $150,00
er diagram
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