USGAAP and IFRS Provide Criteria for Distinguishing Operating Leases from Capital

question 145

Multiple Choice

U.S.GAAP and IFRS provide criteria for distinguishing operating leases from capital leases.Which of the following is/are not true?

• A)U.S.GAAP provides four criteria, any one of which qualifies a lease as a capital lease.
• B)IFRS provides general criteria for identifying the entity enjoying the rewards and incurring the risk.
• C)Firms can currently apply the fair value option to capital leases.
• D)The FASB and the IASB have undertaken a joint project involving the lessee's accounting for leases which may result in treating all leases as capital leases.
• E)all of the above

Understand advanced concepts in conditioning such as stimulus generalization, discrimination, and higher-order conditioning.

Identify and explain the law of effect and its role in operant conditioning.

Understand how conditioned responses can impact physical health and psychological conditioning.

Apply conditioning principles to the development and treatment of phobias and addictive behaviors.

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Definitions:

Oral Agreement

An agreement made verbally without written documentation, enforceable only under specific circumstances and often harder to prove.

Infant

In legal terms, refers to a person who is under the age of majority, and thus limited in their legal capacity to contract or make decisions.

Defame

To damage someone's reputation, name, or character through false and malicious statements.

Guarantee

A formal pledge to ensure the fulfillment of a contract or the performance of an obligation, sometimes by providing a replacement or repair in case of default.