A shareholder recently charged that the financial statements of a company in which he owned shares were

Question:

A shareholder recently charged that the of a company in which he owned shares were false and misleading because a large amount of computer equipment, which the company leased from a financial institution and did not actually own, was included among the company’s capital assets.
Required:
Is the company’s treatment appropriate? Explain.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...