LIABILITIES
PRESENT OBLIGATION ARISING FROM PAST EVENT, THE SETTLEMENT OF WHICH IS EXPECTED TO RESULT IN AN OUTFLOW OF RESOURCES EMBODYING ECONOMIC BENEFITS OR SERVICE POTENTIAL.
LIABILITY
__________ IS A LEASE THAT TRANSFERS SUBSTANTIALLY ALL THE RISKS AND REWARDS INCIDENTAL TO OWNERSHIP OF AN ASSET.
FINANCE LEASE
What is the only letter that does not appear in any US state name?
Q
What singer has had a Billboard No. 1 hit in each of the last four decades?
Mariah Carey
Which country drinks the most coffee per capita?
FINLAND
FINANCIAL LIABILITIES ARE INITIALLY MEASURED AT _______________, EXCEPT FOR FINANCIAL LIABILITIES AT FV THROUGH SURPLUS OR DEFICIT WHOSE TRANSACTION COSTS ARE EXPENSED.
FV MINUS TRANSACTION COSTS
TRUE OR FALSE. THE LEASE TRANSFERS OWNERSHIP OF THE ASSET TO THE LESSEE BY THE END OF THE LEASE TERM WOULD LEAD TO AN OPERATING LEASE CLASSIFICATION.
FALSE
What type of bird is sometimes called a "sea parrot"?
THE PUFFIN
Who was the first member of BTS?
RM
In which country was Elon Musk born?
SOUTH AFRICA
___________ IS A LIABILITY OF UNCERTAIN TIMING OR AMOUNT.
PROVISION
_________ IS THE EARLIER OF THE DATE OF THE LEASE AGREEMENT AND THE DATE OF COMMITMENT BY THE PARTIES TO THE PRINCIPAL PROVISIONS OF THE LEASE.
INCEPTION OF THE LEASE
What is the plastic or metal tip at the end of a shoelace called?
AN AGLET
What was Freddie Mercury's real name?
Farrokh Bulsara
In the wildly popular 2011 series “Game of Thrones,” what is the sigil of House Stark?
DIREWOLF
TRUE
A LESSOR RECOGNIZES THE LEASE PAYMENTS RECEIVABLE UNDER A FINANCE LEASE AT AN AMOUNT EQUAL TO THE ___________.
NET INVESTMENT IN THE LEASE
Which country has the most pyramids in the world?
SUDAN
Who is Kendrick Lamar's diss track "Not Like Us" about?
DRAKE
What height is a regulation NBA basket?
10 feet / 3.02 meters
A PROVISION IS MEASURED AT THE ENTITY'S ________ OF THE AMOUNT NEEDED TO SETTLE THE LIABILITY AT THE REPORTING DATE.
BEST ESTIMATE
THE MINIMUM LEASE PAYMENTS ARE DISCOUNTED USING THE _____________, IF THIS IS DETERMINABLE; IF NOT, THE LESSEE'S INCREMENTAL BORROWING RATE IS USED.
INTEREST RATE IMPLICIT IN THE LEASE
What color were Dorothy's ruby red slippers in the original Wizard of Oz book by L. Frank Baum?
SILVER
Taylor Swift's Eras Tour is the highest-grossing concert tour by a woman. Who had the second highest-grossing concert tour by a woman?
PINK
Which country is credited with inventing ice cream?
CHINA