In What Way Does the IASB Standard on Leases (IAS

question 52

Multiple Choice

In what way does the IASB standard on leases (IAS 17) differ from U.S.GAAP?

• A)It is less specific than U.S.GAAP in terms of defining what constitutes a finance lease.
• B)U.S.GAAP requires more professional judgment in accounting for leases than does IAS 17.
• C)IAS 17 is more specific than U.S.GAAP in defining an operating lease.
• D)Operating leases are capitalized under IAS 17 but are not capitalized under U.S.GAAP.

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Differentiate between personality styles and tailor communication and presentation strategies.

Anticipate and address potential objections or negative reactions during sales presentations.

Understand the basic elements and categories of language, such as phonemes and morphemes.

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Definitions:

Recorded

The action of entering financial transactions into the accounting records of a business.

Recorded

The process of documenting financial transactions in the books of accounts as evidence of the transactions.

Relate

To establish a connection or relationship between two or more things.

Balance Sheet Accounts

Balance sheet accounts are the accounts that reflect the assets, liabilities, and shareholders' equity of a company, as recorded on the balance sheet.