A Client That Treats a Material Lease Transaction as an Operating

question 87

True/False

A client that treats a material lease transaction as an operating lease when it is in fact a capital lease has deviated from GAAP and will receive a qualified or adverse opinion.

---

Definitions:

Latent Learning

Learning that occurs without any obvious reinforcement of the behavior or associations that are learned until there is a reason to demonstrate it.

Tolman

An American psychologist best known for his work in cognitive behaviorism, proposing that cognitive processes such as expectations play a key role in learning.

Hat Store

A retail business specializing in the sale of headwear, offering various styles and types of hats.

Cognitive Explanation

An approach that seeks to understand behavior by examining mental processes, including perception, memory, thought, and problem-solving.