Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. a dubai based restaurant enters into a contract

1. A Dubai based restaurant enters into a contract with a transportation company for the...

90.2K

Verified Solution

Question

Accounting

1. A Dubai based restaurant enters into a contract with a transportation company for the transportation of food from Muscat to Dubai on a specified lorry. The lorry is clearly specified in the hiring contract and the transportation company does not have substitution rights. The food will occupy all of the capacity of the lorry. The contract specifies how the food to be transported on the lorry and the dates of pickup from Muscat and delivery to Dubai. The transportation company operates and maintains the lorry and is responsible for the safe delivery of the food. The restaurant is prohibited from contracting another transportation operator to transport the food or operating the lorry itself. Does this hiring contract contain a lease as defined in the IFRS 16? Please offer detailed explanations/reasons to justify your answer

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What has been the average level, trend, and volatility of profitability for Disney (DIS)?

Finance
Q

Suppose three competing airlines each schedule their own flight to Waco which arrives there between 2:00...

Basic Math
Q

identify three ways in which social satisfaction is evident in the everyday lives of students on...

Psychology
Q

The majority of metals processing starts with what type of processing technique? What is the difference between...

Mechanical Engineering
Q

After reading the Graham, Campbell, and Rajgopal article, you might get the implication for the motivation...

Accounting
Q

Write an equation for the polynomial graphed below 6 5 4 T y x 3...

Algebra
Q

On January 1, 2013, Z S.A. acquires a machine for 15,000. Payment is made in...

Accounting
Q

Double-Deelining-Balance Depreclation A building acquired at the beginning of the year at a cost of...

Accounting
Q

Bugle Corp has sales of $400,000, a variable cost ratio of 40%, and a profit...

Accounting
Q

Tobins Frozen Pizza Inc. has determined from its production budget the following estimated production volumes...

Accounting
Q

Problem 11-22 Special Order Decisions [LO11-4] Polaski Company manufactures and sells a single product called...

Accounting
Q

A-Rod Manufacturing Company is trying to calculate its cost of capital for use in making...

Finance