U.S. GAAP and IFRS provide criteria for distinguishing operating leases from capital leases. Which of the following is/are not true?
a. U.S. GAAP provides four criteria, any one of which qualifies a lease as a capital lease.
b. IFRS provides general criteria for identifying the entity enjoying the rewards and incurring the risk.
c. Firms cannot currently apply the fair value option to capital leases.
d. The FASB and the IASB have undertaken a joint project involving the lessee's accounting for leases which may result in treating all leases as operating leases.
e. all of the above
D
You might also like to view...
Ladell is excited because a prospect has just signed a purchasing agreement for the biggest sale Ladell has made in his two-year sales career. Ladell is obviously happy as he sits across the desk from his newest customer. What should Ladell do now?
A. Discuss the buyer's expectations for the product. B. Discuss his company's payment expectations. C. Stop talking about the product ordered and leave his customer's office. D. Invite the prospect out for a meal. E. Discuss the buyer's expectations concerning a delivery schedule of the product.
What type of conflict is the result of differences in understanding content or tasks?
A) Cognitive B) Affective C) Short term D) Relational E) Cultural
If a taxpayer suffers a loss attributable to a disaster in an area subsequently declared a disaster area, the casualty loss may be deducted in the year preceding the year in which the loss actually occurs.
Answer the following statement true (T) or false (F)
What is meant by the term "break-even point" and how is it computed in a single versus a multi-product environment?