Under GASB Statement No

Multiple Choice

Under GASB Statement No. 87, Leases, which of the following is false?

A) Unless the maximum life of a lease is one year or less, all leases are the equivalent of financing leases.
B) A lessee is required to recognize a lease liability and an intangible right-to-use lease asset.
C) The lessor records both a receivable and a deferred lease revenue at present value.
D) The lessor is provided with separate categories for all lease contracts.
E) The lessor reclassifies the deferred lease revenue as lease revenue over time and in a systematic and rational manner.