Which of the Following Is Not a True Statement Regarding

question 54

Multiple Choice

Which of the following is not a true statement regarding ARB 38?

• A)It was the first lease accounting standard.
• B)It recommended capitalization for leases that were in substance installment purchases.
• C)It was most applicable to leases that were de facto conditional sales agreements.
• D)Non-cancellability was introduced as a precondition for capitalization.

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Definitions:

Public Transportation

Systems of transport available to the general public, including buses, trains, subways, and other modes of transit.

Progressive Income Tax

A tax system where the tax rate increases as the taxable amount of income increases, aimed at ensuring a fairer distribution of wealth.

Wealthy Americans

Individuals in the United States who possess a significant amount of financial assets, income, and influence.

Income Inequality

The uneven distribution of income within a population, leading to gaps between the wealthy and the poor.