Question

The FASB indicates that reporting ______________ in the income statement more appropriately reflects the economics of a(n) ______________ lease than separate recognition of interest and amortization expense.

Answer 1

Answer:

a single operating cost; operating

Explanation:

The FASB is an acronym for Financial Accounting Standards Boards whose aims and objectives is to establish and improve Generally Accepted Accounting Principles (GAAP) in USA.

It indicated that reporting a single operating cost in the income statement more appropriately reflects the economics of an operating lease than separate recognition of interest and amortization expense.