If, under GAAP, capital leases are considered long-term obligations, why, in many jurisdictions, are they not subject

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If, under GAAP, capital leases are considered long-term obligations, why, in many jurisdictions, are they not subject to debt limitations?

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Government and Not for Profit Accounting Concepts and Practices

ISBN: 978-1118155974

6th edition

Authors: Michael H. Granof, Saleha B. Khumawala

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Question Posted: Aug 13, 2014 11:50 AM

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If, under GAAP, capital leases are considered long-term obligations, why, in many jurisdictions, are they not subject

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The courts not GAAP determine the types of obligation...View the full answer

Government and Not for Profit Accounting Concepts and Practices

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