ACCA 2026 FR Financial Reporting Leases Free Quiz 2

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ACCA 2026 FR Financial Reporting Leases Free Quiz 2

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ACCA 2026 FR Financial Reporting Leases Free Quiz 2

Practice ACCA 2026 FR Financial Reporting MCQs from Leases. Get instant results with Explanation.

General10 MCQs

1. What is the lease term under IFRS 16?

A. The lease term includes the non-cancellable period and periods covered by extension options if reasonably certain to exerciseB. The lease term is only the initial non-cancellable periodC. The lease term is the estimated useful life of the assetD. The lease term is the legal term of the contract

2. What payments are included in the lease liability?

A. Only fixed payments are includedB. All variable payments are includedC. Payments for penalties are never includedD. Lease payments include fixed payments, index-linked variable payments, residual value guarantees, purchase option exercise price, and termination penalties if applicable

3. What is the lessee's incremental borrowing rate?

A. The incremental borrowing rate is the risk-free rateB. The incremental borrowing rate is the rate the lessee would pay to borrow for a similar term and securityC. The incremental borrowing rate is the lessor's cost of fundsD. The incremental borrowing rate is the rate implicit in the lease

4. When must a lessee remeasure the lease liability?

A. The lease liability is never remeasuredB. The lease liability is remeasured only at the end of the leaseC. The lease liability is remeasured when there are changes in lease term, purchase options, or residual value guaranteesD. The lease liability is remeasured for all variable payments

5. How does a lessor account for the initial recognition of a finance lease?

A. The lessor recognises a gain or loss on a finance lease and a lease receivableB. The lessor recognises no gain or loss on a finance leaseC. The lessor recognises a lease liabilityD. The lessor recognises the asset as a right-of-use asset

General10 MCQs

6. What are the disclosure requirements for lessees under IFRS 16?

A. Lessees have no disclosure requirementsB. Lessees only disclose the lease expenseC. Lessees disclose only the lease liabilityD. Lessees disclose right-of-use assets, lease liabilities, cash flows, and maturity analysis

7. How is a sale and leaseback accounted for if the transfer does not qualify as a sale?

A. A sale and leaseback always qualifies as a saleB. If the transfer does not qualify as a sale, it is accounted for as a financing arrangementC. If the transfer does not qualify as a sale, it is accounted for as an operating leaseD. If the transfer does not qualify as a sale, the transaction is ignored

8. How is the right-of-use asset depreciated?

A. Right-of-use assets are not depreciatedB. Right-of-use assets are depreciated only if they are finance leasesC. Right-of-use assets are depreciated over the lease term or useful life, whichever is shorter, unless ownership transfersD. Right-of-use assets are depreciated over the useful life of the asset

9. Can a lessee apply IFRS 16 on a portfolio basis?

A. A lessee may use a portfolio approach for similar leases as a practical expedientB. A lessee must apply IFRS 16 to each lease individuallyC. A lessee cannot use any expedientsD. A lessee can only use expedients for short-term leases

10. How is lease expense recognised for a short-term lease exemption?

A. Short-term lease expense is recognised when payments are madeB. Short-term lease expense is recognised at the end of the leaseC. Short-term lease expense is recognised on a reducing balance basisD. Short-term lease expense is recognised on a straight-line basis

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ACCA

Conducting Body: Association of Chartered Certified Accountants

Frequency: Exam Frequency Year Round | Time: 360 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 116 MCQs):

Business and Technology: 46 MCQs
Management Accounting: 35 MCQs
Financial Accounting: 35 MCQs
Corporate and Business Law: 45 MCQs

Merit Formula: -

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