In what year was FASB 13 issued?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $9.99Unlock all

Pass the Certified Lease and Finance Professional Exam with our comprehensive study tools. Utilize flashcards and multiple-choice questions, complete with hints and explanations, to ensure you're well-prepared for your exam day!

Multiple Choice

In what year was FASB 13 issued?

Explanation:
FASB 13, Accounting for Leases, was issued in 1976. This standard established how leases are accounted for, including when a lease should be capitalized on the balance sheet as a lease asset with a corresponding lease liability and how to classify leases as capital or operating. The other years are simply later dates for subsequent leasing guidance or amendments, but the original issuance of FASB 13 is 1976.

FASB 13, Accounting for Leases, was issued in 1976. This standard established how leases are accounted for, including when a lease should be capitalized on the balance sheet as a lease asset with a corresponding lease liability and how to classify leases as capital or operating. The other years are simply later dates for subsequent leasing guidance or amendments, but the original issuance of FASB 13 is 1976.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy