ACC-499 Midterm Exam Answers

ACC-499 Midterm Exam Answers

ACC-499 Midterm Exam Answers

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Question 1
FASB’s rules concerning leases are an attempt to record in the financial statements
Question 2
The lessee’s footnote disclosures should include the future minimum rental payments as of the date of the latest balance sheet presented, in the aggregate and for a certain number of succeeding fiscal years. This number of years is
Question 3
Minimum lease payments do not include
Question 4
Which of the following facts would require a lessor to classify a lease as an operating lease?
Question 5
A direct financing lease differs from a sales-type lease in that
Question 6
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
Answer
Question 7
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is decreased?
Question 8
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is increased?
Question 9
When a lessor receives cash on an operating lease, which of the following accounts is increased?
Question 10
Which of the following facts would require a lessee to classify a lease as a capital lease?
Question 11
Executory costs
Question 12
The lessor should report the Lease Receivable for a sales-type lease on its balance sheet as
Question 13
A corporation that operates in Texas but is incorporated in Nevada is viewed as a
Question 14
Under the cost method of accounting for treasury stock transactions, when the proceeds from a sale are greater than the cost, the excess over cost is treated as a(n)
Question 15
Under the fair value method, the grant date is the date
Question 16
Dividends in arrears pertain to
Question 17
When recording the conversion of preferred stock into common stock, if the total contributed capital eliminated in regard to the preferred stock is less than the common stock...

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