All of the Following Statements Are True Except

question 105

Multiple Choice

All of the following statements are true except

• A)the criteria to determine whether a lease contract should be considered a capital lease are applied in a more rigid way under U.S.GAAP than IFRS.
• B)the criteria to determine whether a lease contract should be considered a capital lease are applied in a more rigid way under IFRS than U.S.GAAP.
• C)the lease criteria under IFRS are to be used as guidelines rather than rules.
• D)IFRS require more accounting judgment than U.S.GAAP in the determination of whether a lease is classified as an operating lease or a capital lease.

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Definitions:

Conscious

Being aware of and responding to one's surroundings and internal states.

Preconscious

Pertains to the part of the mind containing information that is not currently in consciousness but can be readily brought into consciousness.

Unconscious

The part of the mind that contains desires, feelings, and memories that are not easily brought into conscious awareness.

Psychological Conflicts

Internal struggles arising from the opposition or simultaneous functioning of incompatible drives, desires, or impulses within the individual.