17.1 …….. purchase is a financial transaction that occurs when a customer does not pay the complete price for an asset or item at the time of its purchase, but the buyer can use the asset while the seller remains the owner of the asset.
17.2 The seller of a hire purchase asset is the ………….. while the buyer is the ………….
17.3 When a landlord leases part of a building to a lessee for a series of periodic payments to the lessor in return for the asset’s use, the landlord should record the transaction from the perspective of a ……….
17.4 …………. is applied to account for hire purchase transactions.
17.5 At the ……………. of a contract, an entity shall assess whether the contract is, or contains a lease.
17.6 A contract contains a lease if it transfers the …………. an identified asset for a period in exchange for consideration.
17.7 A contract that contains a lease requires that an entity accounts for the lease and non- lease components …………..
17.8 IFRS 16 applies to ……………. including leases of right-of-use assets in a sublease.
17.9 A lessee will recognise the depreciation of the right-of-use asset on a …………… basis and the interest on the lease liability.
17.10 The interest on the right-of-use asset is charged on a ……………..
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