Which of the Following Statements Is FALSE

Multiple Choice

Which of the following statements is FALSE?

A) The lessee will always record the liability associated with future cash payments but never an asset associated with the property being leased.
B) Leases can take the form of a capital lease or an operating lease.
C) Some leases are substantially equivalent to purchases.
D) A lease contract creates property rights and financial obligations.
E) Almost any asset could be leased.