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Accounting quick tutorial

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Leases: What is a low value asset

A low value asset is any asset with a value less than USD5000

Leases: How do we calculate implicit interest rate of both lessee and lessor

Components PV = Lease liability plus direct costs of lessor N = Lease term PMT = Lease installments FV = Guaranteed and unguaranteed residual value Compute interest from Calc

1. What is a provision

2. A liability of uncertain amount or timimng

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