ACCA 2026 FR Financial Reporting Leases Free Quiz 1

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ACCA 2026 FR Financial Reporting Leases Free Quiz 1

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ACCA 2026 FR Financial Reporting Leases Free Quiz 1

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

General10 MCQs

1. What is a lease under IFRS 16?

A. A lease is a contract for the purchase of an assetB. A lease conveys the right to use an asset for a period in exchange for considerationC. A lease is the same as a loanD. A lease is not recognised on the balance sheet

2. What is the lessee accounting model under IFRS 16?

A. Lessees can choose whether to recognise leases on the balance sheetB. Lessees only recognise finance leasesC. Lessees recognise a right-of-use asset and lease liability for most leasesD. Lessees do not recognise any leases

3. How is the right-of-use asset initially measured?

A. Right-of-use asset is initially measured at cost, including the lease liability and direct costsB. Right-of-use asset is measured at fair valueC. Right-of-use asset is measured at the present value of lease payments onlyD. Right-of-use asset is not measured

4. How is the lease liability initially measured?

A. The lease liability is measured at the undiscounted total lease paymentsB. The lease liability is measured at the fair value of the assetC. The lease liability is measured at the cost of the assetD. The lease liability is measured at the present value of lease payments using the implicit rate or incremental borrowing rate

5. How is the lease liability subsequently measured?

A. The lease liability is not subsequently remeasuredB. The lease liability is measured at amortised cost using the effective interest methodC. The lease liability is measured at fair valueD. The lease liability is measured at the undiscounted amount

General10 MCQs

6. What are the exemptions for short-term and low-value leases under IFRS 16?

A. Short-term leases are defined as leases with a term of 6 months or lessB. Low-value leases are defined as assets with a value of less than $10,000C. Short-term leases have a term of 12 months or less; low-value assets are about $5,000 or lessD. Exemptions for short-term and low-value leases are mandatory

7. How do lessors classify leases under IFRS 16?

A. Lessors classify leases as finance or operating leasesB. Lessors use the same model as lesseesC. Lessors do not classify leasesD. All leases are operating leases for lessors

8. How does a lessor account for a finance lease?

A. The lessor continues to recognise the asset in a finance leaseB. The lessor recognises a lease liabilityC. The lessor recognises the lease payments as revenue immediatelyD. The lessor derecognises the asset and recognises a lease receivable at the net investment in the lease

9. How does a lessor account for an operating lease?

A. The lessor derecognises the asset in an operating leaseB. The lessor continues to recognise the asset and recognises lease income straight-lineC. The lessor recognises a lease liabilityD. The lessor recognises lease income at the end of the lease

10. How is a sale and leaseback transaction accounted for?

A. Sale and leaseback always results in full gain recognitionB. Sale and leaseback is treated as a financing arrangementC. Sale and leaseback is accounted for based on whether the transfer is a sale under IFRS 15D. Sale and leaseback is prohibited under IFRS

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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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