ACC-499 Midterm Exam Answers
FASB’s rules concerning leases are an attempt to record in the financial statements
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
Minimum lease payments do not include
Which of the following facts would require a lessor to classify a lease as an operating lease?
A direct financing lease differs from a sales-type lease in that
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is decreased?
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is increased?
When a lessor receives cash on an operating lease, which of the following accounts is increased?
Which of the following facts would require a lessee to classify a lease as a capital lease?
The lessor should report the Lease Receivable for a sales-type lease on its balance sheet as
A corporation that operates in Texas but is incorporated in Nevada is viewed as a
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)
Under the fair value method, the grant date is the date
Dividends in arrears pertain to
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...