Choose two (2) questions among the list below . Indicate the number you wish to respond to. Give what is required.

1. Illustrate how to account for lease using the recognition exemption - low value asset (operating lease)? (lessee's perspective)
2. Illustrate how to account for operating lease? (lessor's perspective)
3. Differentiate a lease liability and aright-of-use asset.
4. What is the initial recognition of a lease liability? What is the subsequent recognition of a lease liability?
5. What is the initial recognition of aright-of-use asset.? What is the subsequent recognition ofright-of-use asset.?
6. How do we account for security deposits?
7. Describe how the change in the standard concerning Leases affect the Tax reporting of lessees?