Which of the Following Is Not a True Statement Regarding

question 54

Multiple Choice

Which of the following is not a true statement regarding ARB 38?

• A)It was the first lease accounting standard.
• B)It recommended capitalization for leases that were in substance installment purchases.
• C)It was most applicable to leases that were de facto conditional sales agreements.
• D)Non-cancellability was introduced as a precondition for capitalization.

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Definitions:

Mobile App

A software application developed specifically for use on small, wireless computing devices such as smartphones and tablets.

Email Program

Software that enables users to send, receive, and organize electronic mail messages.

Web App

An application program that is stored on a remote server and delivered over the Internet through a browser interface.

Password Manager

A software application that helps users store and manage their passwords, usually encrypted for security purposes.