Under GASB Statement No

question 33

Multiple Choice

Under GASB Statement No. 87, Leases, which of the following is false?

• A) Unless the maximum life of a lease is one year or less, all leases are the equivalent of financing leases.
• B) A lessee is required to recognize a lease liability and an intangible right-to-use lease asset.
• C) The lessor records both a receivable and a deferred lease revenue at present value.
• D) The lessor is provided with separate categories for all lease contracts.
• E) The lessor reclassifies the deferred lease revenue as lease revenue over time and in a systematic and rational manner.

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Definitions:

1950s

A decade marked by post-World War II recovery, the beginning of the Cold War, and significant cultural and technological changes.

1970s

A decade known for significant political, social, and technological changes that impacted various global contexts.

Coercing

The act of persuading or influencing someone to do something by using force or threats.

Common Goal

A shared objective or purpose among individuals or groups that motivates collective action.