Which of the following is incorrect with regard to short-term leases?
A)When a company signs a short-term lease it does not record a lease liability.
B)A short-term lease is for 12 months or less,excluding expected renewals and extensions.
C)When a company signs a short-term lease there is no entry at the time the lease is signed.
D)A short-term lease does not contain a bargain purchase option.

Question

Quizplus · Accepted Answer

The Answer of Which of the following is incorrect with regard to short-term leases?
A)When a company signs a short-term lease it does not record a lease liability.
B)A short-term lease is for 12 months or less,excluding expected renewals and extensions.
C)When a company signs a short-term lease there is no entry at the time the lease is signed.
D)A short-term lease does not contain a bargain purchase option.

Which of the Following Is Incorrect with Regard to Short-Term