True or False
1. ____ A lessee recording a lease as a capital lease will record depreciation on the leased property.
2. ____ Because taxable income is lower in the current period, a deferral of income recognition is called a deferred tax asset.
3. ____ Postretirement benefits are some of the largest estimates on financial statements.
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4. ____ A lease must meet at least two of the criteria set down in Statement of Financial Accounting Standard 13 to be a capital lease.
5. ____ Postretirement benefits are not expensed until they are paid.
6. ____ Lessees usually prefer to record leases as operating leases rather than capital leases.
7. ____ The goals of financial reporting and income tax reporting are not the same.
8. ____ The only postretirement benefit typically paid by companies is pensions.
9. ____ Depreciation and interest are recorded by a lessee under a capital lease, but not an operating lease.
10. ____ Actuaries are business professionals who deal with risk.