Acc 499 Midterm Exam Answers

ACC 499 Midterm Exam Answers

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ACC 499 Midterm Exam Answers

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 lesser 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:

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...