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.