Acc 499 Midterm Exam Solution

ACC 499 Midterm Exam Solution

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ACC 499 Midterm Exam Solution

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...