Quiz 15.03 – T/F Exception to Lease Classification Rule for Asset Near End of Economic Life

Intermediate Accounting

Spiceland, Nelson, and Thomas

10th Edition

0
(0)
Back
If a lease starts "at or near the end" of an asset's economic life, the rule that the lease term should cover the majority of the economic life does not apply in lease classification. This is because the ownership risks and rewards have mostly been encountered prior to that stage.

Experts Have Solved This Problem

Please login or register to access this content.

  • Search Terms: "at an and apply asset's basic begins being classifying consistent criterion does economic end" for if is lease lease. life life, major most near not occur of or ownership part premise prior rewards risks term that the this time. to type when with
Back
  • The use of this software is to provide check figures to compare against your own individual work. Accuracy of the check figures is not guaranteed. By purchasing credits and using our software/services, you assume all liability for the use of the software and affirm that you are abiding by your university’s academic policies. Please report any errors above.