Ask Question
BusinessBusiness
27 February, 22:29

For the lessee to account for a lease as a finance lease, the lease must meet: Multiple Choice Any two of the criteria specified by GAAP regarding accounting for leases. All five of the criteria specified by GAAP regarding accounting for leases. Any one of the six criteria specified by GAAP regarding accounting for leases. Any one of the five criteria specified by GAAP regarding accounting for leases.

+1
Answers (1)
  1. 28 February, 01:44
    0
    The correct answer is Any one of the five criteria specified by GAAP regarding accounting for leases.

    Explanation:

    According to the information in FAS 13, criteria for accounting for financial and operating leases must be followed, such that the asset must be recognized all the risks according to the property, considering the times of the lease and in other cases the future purchase options the which must be reasonably recorded. If these criteria are not met it should be classified as an operating lease.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “For the lessee to account for a lease as a finance lease, the lease must meet: Multiple Choice Any two of the criteria specified by GAAP ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A cartel is difficult to maintain for which of the following reasons? A. Consumers substitute away from the good when the price increases. B. Individual cartel members are tempted to cheat on the agreement. C.
Answers (1)
Dee's Dress Emporium has 50,000 shares of common stock outstanding at a price of $27 a share. It also has 1000 shares of preferred stock outstanding at a price of $20 a share.
Answers (1)
In a free-market economy, a product that entails a positive externality (additional social benefit) will be rev: 04_09_2018 Multiple Choice overproduced. 1. underproduced. 2. produced at the optimal level. 3. provided solely by the government
Answers (1)
To successfully sue for defamation, what must be proven
Answers (1)
Toyota Motor Corporation uses target costing. Assume that Toyota marketing personnel estimate that the competitive selling price for the Camry in the upcoming model year will need to be $27,000.
Answers (1)
New Questions in Business
Lisa works for a nonprofit agency seeking funding for a community project. What type of proposal is she likely to write to the local foundation that supports the same cause within the community? A purchase request. A grant request.
Answers (2)
Validity refers to the extent to which the tool measures the relevant aspects of performance
Answers (1)
Property taxes and fines represent which of the following classes of nonexchange transactions for government units? Group of answer choices Government-mandated nonexchange transactions.
Answers (1)
You want to go to Europe 5 years from now, and you can save $3,100 per year, beginning one year from today. You plan to deposit the funds in a mutual fund which you expect to return 8.5% per year.
Answers (1)
Pacific Packaging's ROE last year was only 6%; but its management has developed a new operating plan that calls for a debt-to-capital ratio of 40%, which will result in annual interest charges of $336,000.
Answers (1)
Home » Business » For the lessee to account for a lease as a finance lease, the lease must meet: Multiple Choice Any two of the criteria specified by GAAP regarding accounting for leases. All five of the criteria specified by GAAP regarding accounting for leases.
Sign Up Forgot Password?