Question: Q7. Accounting Concepts. [1 mark each] Q7a. Explain clearly why the issue of lease capitalization has been controversial. Q7b. The revised standard on revenue recognition

Q7. Accounting Concepts. [1 mark each] Q7a. Explain clearly why the issue of lease capitalization has been controversial.

Q7b. The revised standard on revenue recognition used the concept of variables in measuring transaction price. Explain the principle involved, provide examples of the variables and state how they may affect transaction price.

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