FASB Standard No

question 114

Multiple Choice

FASB Standard No. 13 establishes requirements for the explicit disclosure of certain types of lease obligations on the firm's balance sheet. To qualify as a capital lease, any of the following elements may be present EXCEPT

• A) the lease transfers ownership of the property to the lessee by the end of the lease.
• B) the lease contains an option to purchase the property at a "bargain" price.
• C) the lease term is less than 75 percent of the economic life of the property.
• D) at the beginning of the lease, the present value of the lease payment is equal to 90 percent or more of the fair market value of the leased property less any investment tax credit received by the lessor.

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Definitions:

HCPCS Level II Codes

Codes that cover many supplies such as sterile trays, drugs, and durable medical equipment; also referred to as national codes. They also cover services and procedures not included in the CPT.

National Codes

A set of standardized codes used within a country for classifications, such as for health care procedures, diseases, or national statistics.

CMS

The Centers for Medicare & Medicaid Services, a federal agency within the United States Department of Health and Human Services that administers the nation's major healthcare programs.

False Qualifications

Misrepresented or fabricated credentials or achievements presented by an individual to gain an advantage, often in an academic or professional setting.