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      Question

      Under Ind AS 116, lessee recognizes Right-of-Use Asset

      and Lease Liability except for:
      A Leases < 12 months Correct Answer Incorrect Answer
      B Low-value assets Correct Answer Incorrect Answer
      C Both A and B Correct Answer Incorrect Answer
      D High-value assets Correct Answer Incorrect Answer
      E Finance Leases Correct Answer Incorrect Answer

      Solution

      Lessees may opt exemption for short-term leases (<12 months) and leases of low-value assets.

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