Which of the Following Statements Is FALSE

question 5

Multiple Choice

Which of the following statements is FALSE?

• A)The decision to lease is often driven by real-world market imperfections related to leasing's accounting,tax,and legal treatment.
• B)When publicly traded firms disclose leasing transactions in their financial statements,they must follow the recommendations of the Financial Accounting Standards Board (FASB).
• C)In its Statement of Financial Accounting Standards No.13 (FAS13),the FASB provides specific criteria that distinguish a true tax lease from a non-tax lease.
• D)The categories used to report leases on the financial statements affect the values of assets on the balance sheet,but they have no direct effect on the cash flows that result from a leasing transaction.

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Definitions:

Politically

Relating to the ideas, strategies, or actions of government, public policies, or the conduct of governance.

Window Glass Workers

Individuals skilled in the manufacturing and installation of window glass, a trade that involves the production of flat glass for architectural use.

French

Relating to France or its people, language, or culture.

Belgian Imports

Goods and services purchased from Belgium by other countries, including chocolates, diamonds, beers, and pharmaceutical products.