Which of the Following Statements Is FALSE

question 5

Multiple Choice

Which of the following statements is FALSE?

• A)The decision to lease is often driven by real-world market imperfections related to leasing's accounting,tax,and legal treatment.
• B)When publicly traded firms disclose leasing transactions in their financial statements,they must follow the recommendations of the Financial Accounting Standards Board (FASB).
• C)In its Statement of Financial Accounting Standards No.13 (FAS13),the FASB provides specific criteria that distinguish a true tax lease from a non-tax lease.
• D)The categories used to report leases on the financial statements affect the values of assets on the balance sheet,but they have no direct effect on the cash flows that result from a leasing transaction.

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Definitions:

Letters from a Farmer

A series of essays written by John Dickinson in 1767-68, arguing against the Townsend Acts and for colonial rights, contributing to the American Revolution.

Parliament

The supreme legislative body in many countries, including the United Kingdom, Canada, and Australia, composed typically of two houses (upper and lower) to make, amend, and repeal laws.

Boston Massacre

An incident on March 5, 1770, where British soldiers killed five civilian men in Boston, escalating tensions between American colonists and the British government.

British Soldiers

Members of the military forces of the United Kingdom, known for their roles in various historical conflicts and colonizing efforts around the globe.