Which of the Following Statements Is False

question 40

Multiple Choice

Which of the following statements is false?

• A) If the lease is deemed to be a true lease, the firm is assumed to have effective ownership of the asset and the asset is protected against seizure.
• B) Although the legal ownership of the asset resides with the lessor, in a non-tax lease the lessee receives the depreciation deductions.
• C) The treatment of leased property in bankruptcy will depend on whether the lease is classified as a security interest or a true lease by the bankruptcy judge.
• D) In a non-tax lease, the interest portion of the lease payment is interest income for the lessor.

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Definitions:

Audition

is the formal term for the sense of hearing, or the process by which sound waves are interpreted by the brain.

Papillae

Structures on the tongue that contain groupings of taste buds.

Gustatory Receptors

Specialized sensory cells located on the tongue that detect taste stimuli and convey taste signals to the brain.

Olfactory Epithelium

A thin layer of tissue, deep within the nasal cavity, containing the olfactory receptors; these sensory receptors produce information that is processed in the brain as smell.