Question: 1: Answer all the Questions (write "TRUE" or "FALSE" in the space provided) [S.L.0-1, 2 and 3] 18x 1 = 8 MARKS] 1. A lease is a contractual agreement between a lessor and a lessee, that gives the lessor the right to use specific property, owned by the lessee, for a specified period of time. 2. Contract asset is equal Rights received is greater than Performance obligation 3. Controlling Interest - When one corporation acquires a voting interest of more than 30 percent in another corporation 4. Corporation must submit articles of incorporation to the appropriate governmental agency for the country in which incorporation is desired 5. Effective-interest method produces a constant interest expense equal to a periodic percentage of the carrying value of the bonds. 6. Equity investment represents ownership of ordinary, preference, or other capital shares 7. Record the investment at cost and subsequently adjust the amount each period for the investor's proportionate share of the earnings (losses) and dividends received by the investor is partial equity method 8. Investment community values a bond at the present value of its expected future cash flows, which consist of interest and principal [ ]