Question: Question Mode Multiple Choice Question An entity signs a lease for a computer where the first payment will be made next month. The lease is

Question Mode

Multiple Choice Question

An entity signs a lease for a computer where the first payment will be made next month. The lease is for three years but it does not meet any of the FASB requires for a financing lease. For government

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wide financial statements of a state or local government and for financial statements of a business entity, which of the following is true?

Multiple choice question.

A liability is immediately reported by a business at the present value of the future payments; a state or local government records no present value.

No liability is reported immediately by either a state or local government or a business at the present value of the future payments..

On government

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wide statements, a liability is reported by both a state or local government and a business for the present value of future payments.

On government

-

wide statements, a state

/

local government reports a liability at the present value of future payments; a business shows no liability.

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