A short-term lease:
A) Must be accounted for by the short-cut method if using U.S. GAAP.
B) Is defined as having a value of $10,000 or less.
C) Is defined as having a lease term of fifteen months or less.
D) Not required to be accounted for by the short-cut method if using IFRS.

Question

Quizplus · Accepted Answer

The Answer of A short-term lease:
A) Must be accounted for by the short-cut method if using U.S. GAAP.
B) Is defined as having a value of $10,000 or less.
C) Is defined as having a lease term of fifteen months or less.
D) Not required to be accounted for by the short-cut method if using IFRS.

A Short-Term Lease