CFA 2026 Level I Financial Statement Analysis Leases Free Quiz 1

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CFA 2026 Level I Financial Statement Analysis Leases Free Quiz 1

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CFA 2026 Level I Financial Statement Analysis Leases Free Quiz 1

Practice CFA 2026 Level I Financial Statement Analysis MCQs from Leases. Get instant results with Explanation.

General10 MCQs

1. What is a lease?

A. A contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration.B. A contract for the purchase of an asset.C. A contract for services.D. A loan agreement.

2. How are leases treated under IFRS 16?

A. Only finance leases are recognized on the balance sheet.B. Both finance and operating leases are recognized on the balance sheet (except short-term and low-value).C. Only operating leases are recognized on the balance sheet.D. Neither finance nor operating leases are recognized on the balance sheet.

3. How are leases classified under US GAAP?

A. All leases are classified as finance leases.B. All leases are classified as operating leases.C. Leases are classified as finance or operating leases.D. Leases are not classified.

4. What is a right-of-use (ROU) asset?

A. The leased asset.B. The lease liability.C. The lease expense.D. The right-of-use (ROU) asset.

5. How is the lease liability initially measured?

A. Present value of lease payments not paid at commencement.B. Sum of all lease payments.C. Undiscounted lease payments.D. Fair value of the leased asset.

General10 MCQs

6. What is the interest rate implicit in the lease?

A. Lessee's incremental borrowing rateB. Interest rate implicit in the leaseC. Market rateD. Risk-free rate

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

A. Interest rate implicit in the leaseB. Market rateC. Lessee's incremental borrowing rateD. Risk-free rate

8. What type of lease transfers substantially all risks and rewards of ownership?

A. Operating leaseB. Sales-type leaseC. Direct financing leaseD. Finance lease (capital lease)

9. What type of lease does not transfer substantially all risks and rewards of ownership?

A. Operating leaseB. Finance leaseC. Sales-type leaseD. Direct financing lease

10. How is expense recognized for finance and operating leases under IFRS 16?

A. Straight-line expense for both.B. Finance lease: depreciation and interest; operating lease: straight-line expense.C. Finance lease: interest-only; operating lease: straight-line expense.D. Finance lease: depreciation and interest; operating lease: no expense.

📋 CFA - Test Online Practice Quizzes

CFA

Conducting Body: CFA Institute

Frequency: 4 times a year (February, May, August, November) | Time: 135 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 90 MCQs):

Alternative Investments: 8 MCQs
Corporate Issuers: 7 MCQs
Derivatives: 5 MCQs
Economics: 7 MCQs
Equity Investments: 12 MCQs
Ethics: 16 MCQs
Financial Statement Analysis: 11 MCQs
Fixed Income: 11 MCQs
Portfolio Management: 9 MCQs
Quant Methods: 6 MCQs

Merit Formula: -

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