Which of the Following Is Not an Implication of FASB

question 33

Multiple Choice

Which of the following is not an implication of FASB 13, Accounting for Leases?

• A)FASB 13 requires that the PV of the lease payments appear on the right hand side of the balance sheet.
• B)FASB 13 requires that the present value of the asset appear on the left hand side of the balance sheet.
• C)FASB 13 allows for off-balance-sheet financing for operating leases.
• D)All of the above.
• E)None of the above.

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Definitions:

Lakes

large bodies of water that are surrounded by land and are not part of the ocean.

Atmosphere

The gaseous envelope that surrounds the solid Earth and includes air, clouds, and precipitation.

Glaciers

Large masses of ice that move slowly over land, formed by the accumulation and compaction of snow, and can shape landscapes through erosion.

Lakes

Large bodies of water surrounded by land, usually freshwater, but they can also be salty in some regions.