Which Statement Is Correct

question 75

Multiple Choice

Which statement is correct?

• A)In a finance lease,the lessee uses the asset for only a short fraction of the asset's useful life.
• B)The lessee expenses the cost of the lease in the period the benefits are received in a finance lease.
• C)A finance lease transfers the risks and rewards from the lessee to the lessor.
• D)In a finance lease,the lessee records an asset for the property being used.

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Definitions:

Security Definition

A term referring to measures or protocols implemented to protect against unauthorized access, theft, or damage to information, buildings, or individuals.

Perpetual Existence

A legal concept indicating that a corporation can continue indefinitely, regardless of changes in ownership or management.

Charitable Donations

Financial or material contributions given to nonprofit organizations or causes for philanthropic purposes.

Implied Powers

Powers not explicitly stated in a constitution or legal document but deemed necessary to execute the powers that are expressly stated.