10 IThe lease liability is measured as 11 US GAAP does not specify a way to independently measure] I the Right-of-Use asset. - _ - IAnswer YES or NO. 12. The Taccountsin a General Ledger for the Right of UseAsset and I the Lease Liability (les) in general (and barring items not yet covered in class). lare: equal at theinception of the lese equal on the day the lease contract ends. both [a) and [b] none of the above 13 The leaseliability aets in a manner to all contractual debt arrangments. WWhen AtL cash payments are made, on time, and in full, the debt is Iconsidered folly paid and the correct balance for the lease liability at this timeis 0 . 5141 Answer YES or NO. I Over time the Right of Use asset is amortized. Thetwo leasecategories Itreat this amortization differently in the Incomestatement. Regardless of This income Statement trcatment, the amortization process is similar to lacccounting for depreciation in as muetes it is a proxy for how the asset lisconsumed or used up during the lease term. - - - - thepartyobligated to make lease paymensis the [fill in the blank]. 16 Iin lease accounting and in most leasecontracts, the owner of the asset Ind the party who receives lease payments is the [Eil in the blank]. 171 1 Upon applying the qualification tests, 1 CPA determines that none of the Itests are passed Theleasecontract in question must be