1. Statement I : Guaranteed Residual Value is a Value Guaranteed by the Lessor

Statement II : Unguaranteed Residual Value is the Value Guaranteed by Third Party

a. Both Statements are True

b. Both Statements are False

c. Only Statement 1 is True

d. Only Statement 2 is True

2. Statement I : Difference in Depreciation Method between PFRS and NIRC will cause Temporary Difference

Statement II : Interest Expense is an item that causes Permanent Difference

a. Both Statements are True

b. Both Statements are False

c. Only Statement 1 is True

d. Only Statement 2 is True

3. Statement I : Permanent Differences are items of revenue and expense which are included in other accounting income or taxable income but will never be included in the other

Statement II : Temporary Differences are differences between the carrying amount of an asset or liability and the tax base

a. Both Statements are True

b. Both Statements are False

c. Only Statement 1 is True

d. Only Statement 2 is True

4. Statement I : Accounting Income is the net income for the period before deducting income tax expense

Statement II : Taxable Income is the income for the period determined in accordance with the rules established by the taxation authorities upon which income taxes are payable or recoverable

a. Both Statements are True

b. Both Statements are False

c. Only Statement 1 is True

d. Only Statement 2 is True

5. Statement I : Gross Investment is equal to the present value of Rentals

Statement II : Unearned Interest Income is the difference between the gross investment and the net investment

a. Both Statements are True

b. Both Statements are False

c. Only Statement 1 is True

d. Only Statement 2 is True

6. Statement I : Gross Profit for Sales Type Lease is Gross Investment less Net investment

Statement II : in a Sales Type Lease the Lessor is a Dealer or Manufacturer

a. Both Statements are True

b. Both Statements are False

c. Only Statement 1 is True

d. Only Statement 2 is True