What disclosures are required for leases?
LEASE DISCLOSURES
Firms must disclose in notes to the financial statements the cash flows associated with capital leases and with operating leases for each of the succeeding five years and for all years after five years in the aggregate. Firms must also indicate the present value of the cash flows for capital leases.
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Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?
What will be an ideal response
The primary role of a financial system is to
A) make savvy investors rich. B) regulate the banking system. C) enable financial managers to evaluate investment projects with a system that always selects the correct opportunity for their firm. D) channel funds from savers to borrowers who need funds for investment projects. E) provide employees in financial institutions with a code of ethics.
A payment order:
A) is a sender's instruction to a receiving bank to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary. B) is issued when sent and, if more than one payment is to be made, the payments are condensed into one payment order. C) must be communicated in writing or electronically. D) must be expressed in both words and numbers in order to be valid.
Move time is considered non-value-added time.
Answer the following statement true (T) or false (F)