The CICA Implemented New Rules for Lease Accounting Which Formalized

question 240

Multiple Choice

The CICA implemented new rules for lease accounting which formalized the distinction between operating and capital leases in:

• A) 1912
• B) 1946
• C) 1967
• D) 1979
• E) 2001

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Definitions:

Overconfidence Bias

A cognitive bias which leads an individual to overestimate their knowledge, abilities, or control over situations.

Selection Bias

A type of bias caused by choosing non-random data for statistical analysis, which can cause the results to not be representative of the whole population.

Deductive Reasoning

A rational procedure in which an inference is derived from the harmony of multiple statements thought to be valid.

Deductive Reasoning

A reasoning strategy where a judgment is drawn from the alignment of various propositions typically considered factual.