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  • Indian School Muscat First Summative Assessment Science Std: Vi Date: 14 /09/14 Name: Max Marks: 60

Get Indian School Muscat First Summative Assessment Science Std: Vi Date: 14 /09/14 Name: Max Marks: 60

INDIAN SCHOOL MUSCAT FIRST SUMMATIVE ASSESSMENT SCIENCE STD: VI DATE: 14 /09/14 NAME: MAX MARKS: 60 TIME: 2 hrs. ROLL NO. SECTION1(MARKS: 20) (OBJECTIVE TYPE) Section 1 should be answered in the question.

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ASC 842 is a lease accounting standard by the Financial Accounting Standards Board (FASB), requiring all leases longer than 12 months to be reflected on a company's balance sheet. This enhances financial transparency by giving a clear picture of an entity's lease obligations.

The lease liability is the present value of the future lease payments and is recorded alongside the right-of-use asset for operating and finance leases. Under ASC 842, the lease liability is not considered debt.

A lease will be recorded on the balance sheet as a right-of-use (ROU) asset and lease liability. The lease liability is the payment obligation over the term of the lease contract, while the ROU asset represents the control of the asset under the lease contract.

Disclosure A general description of those leases. The basis and terms and conditions on which variable lease payments are determined. The existence and terms and conditions of options to extend or terminate the lease. The existence and terms and conditions of residual value guarantees provided by the lessee.

An operating lease is a contract that allows for an asset's use but does not convey ownership rights of the asset. These leases allow businesses to use the asset without incurring the high expenses involved in purchasing it.

Initial recordation. Calculate the present value of all lease payments; this will be the recorded cost of the asset. Record the amount as a debit to the appropriate fixed asset account, and a credit to the capital lease liability account.

Under the new standard, lessees are required to account operating leases with terms longer than 12 months on the balance sheet, resulting in the recognition of a right-of-use asset and the corresponding liability.

Finance lease and operating lease liabilities should be presented separately from each other and from other liabilities on the balance sheet or disclosed in the notes to the financial statements along with the balance sheet line items in which those liabilities are included.

What Are the Basics of the New Lease Standard? The basics of the new lease standard requires businesses to recognize both a right-of-use asset and corresponding lease liability for all leases exceeding 12 months on their balance sheets.

ASC 842, or Topic 842, is the new lease accounting standard issued by the FASB and governs how entities record the financial impact of their lease agreements. Among other changes, it requires all public and private entities reporting under US GAAP to record the vast majority of their leases to the balance sheet.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232