ACC 499 MIDTERM EXAM STR NEW 2015
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ACC 499 MIDTERM EXAM STR NEW 2015
Part-1
Question 1
4 out of 4 points
A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to
Question 2
4 out of 4 points
Lessee leased some land and buildings from Lessor. There was no transfer of ownership and no bargain purchase option. If the fair value of the land is less than a certain percentage of the total fair value of the leased property at the inception of the lease, both the lessee and the lessor may consider the land and buildings as a single unit. What is that percentage?
Question 3
4 out of 4 points
When a lessee makes periodic cash payments for an operating lease, which of the following accounts is increased?
Question 4
4 out of 4 points
Which of the following is not a required disclosure by a lessee of an operating lease?
Question 5
4 out of 4 points
Executory costs
Question 6
4 out of 4 points
FASB’s rules concerning leases are an attempt to record in the financial statements
Question 7
4 out of 4 points
Minimum lease payments do not include
Question 8
4 out of 4 points
When a lessor receives cash on a sales-type lease, which of the following accounts is decreased?
Question 9
4 out of 4 points
Depreciation expense will be recorded in the accounts of the
Question 10
4 out of 4 points
The account Unearned Interest: Leases should be reported on the lessor’s financial statements as
Question 11
4 out of 4 points
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
Question 12
4 out of 4 points
Which of the following is not a required disclosure by a lessor of a sales-type lease?
Question 13
4 out of 4 points
Under the cost method of accounting for treasury stock...