USGAAP and IFRS Provide for Which of the Following Methods

question 116

Multiple Choice

U.S.GAAP and IFRS provide for which of the following methods of accounting for long-term leases?

• A)lease option method and direct lease method.
• B)direct lease method and indirect lease method.
• C)lease option method and indirect lease method.
• D)operating lease method and capital or financing lease method.
• E)primary lease method and secondary lease method.

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Definitions:

Redistribute Wealth

The transfer of wealth from certain individuals or groups to others to achieve economic balance and social equity, often through taxation and welfare policies.

Government

The organization, machinery, or agency through which a political unit exercises authority and performs functions and which is usually classified according to the distribution of power within it.

Remeasurement Gains And Losses

Gains or losses that result from the process of converting the financial statements of a foreign operation into the presentation currency or functional currency.

Unrealized Gains

Gains on investments that have increased in value but have not yet been sold and thus not turned into cash.