Accounting

Question 38 1 pts In accounting for lease contracts, companies reporting under U.S. GAAP are required to treat the cash payments as "rent expense" if the contract is for 24 months or less. O do not need to capitalize the leased right-to-use asset if the contract is deemed immaterial. have the discretion to classify the cash payments as "rent expense". O have to disclose every detail of the contract in the footnotes to the financial statements