91) The lessee in a capital lease capitalizes the asset in its financial statements if they are likely to take legal title to the property.
92) An operating lease is basically any lease that is not a finance lease.
93) For a finance lease, organizations must disclose not only the total minimum lease payments due at the end of the year but also those due within one year, within two to five years and after five years.
94) Under IAS 39 financial liabilities must be measured at amortized cost.
95) Under IAS 39 financial liabilities must be measured at cost.
96) IFRS 7 required organizations to report the fair value of liabilities compared to their carrying amounts.
97) Current liabilities are obligations due within one year or within the company's normal operating cycle if it is longer than one year.
98) The adjusting entry to accrue interest on a note payable requires a credit to Interest Payable.
99) The account Sales Tax Payable represents a company's liability to the government for sales taxes collected.
100) An unearned revenue arises when a company receives cash from its customers in advance of earning the revenue.