Which of the Following Is a True Statement About Accounting

question 71

Multiple Choice

Which of the following is a true statement about accounting for leases under the FASB standard issued in 2016?

• A)Fewer leases will be capitalized under the new standard.
• B)The standard does not require capitalization of any lease embedded in another contract.
• C)Classification criteria under the new standard apply only to lessees and not to lessors.
• D)The new standard requires companies to move leased assets and related liabilities out of footnote disclosures and onto the balance sheet.

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Definitions:

Privatized System

A system in which services and industries are owned and operated by private individuals or companies, rather than by the government.

Deviant Behaviour

Actions or behaviors that violate societal norms and expectations, leading to negative sanctions.

Earlier Eras

Time periods preceding the current or specified era, often denoted for historical comparison or study of changes over time.

Viewed

Refers to something that has been looked at or seen, often used in the context of content consumption.