A Substantial Difference Between U

question 1

True/False

A substantial difference between U.S. GAAP and IFRS concerns leases. Under U.S. GAAP, leases are classified as capital if one or more of the following criteria are met: title transfer, bargain purchase option, lease terms are equal to or greater than 90 percent of the asset's economic life, and if the minimum lease payments are greater than or equal to 40 percent of the asset's fair market value.

---

Definitions:

Cell Cycle

The series of phases that a cell goes through from its formation to its division into two daughter cells.

Plant Cells

The basic structural and functional units of plants, distinguished by their rigid cell walls, chloroplasts, and large central vacuoles.

Animal Cells

Basic units of life in organisms of the kingdom Animalia, characterized by lacking cell walls and having a nucleus and other specialized organelles.

Sister Chromatids

Identical copies of a chromosome that are connected by a centromere and eventually separated during cell division.