Leasing is often referred to as off-balance sheet financing of the way that the transaction is treated and reported in financial statements. 1. Which of the following statements best decribes the characteriestics of off-balance sheet financing? a. Only the leased liabilities but not the leased assets under the lease contract appear directly on the firm's balance sheet? b. neither the leased assets nor the leased liabilties under the lease contract appear directly on the firm's balance sheet c. Only the leased asset but not the leased liabilities under the lease contract appear directly on the firm's balance sheet d. Both the leased asset and the leased liability under the lease contract appear directly on the firm's balance sheet