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Acc 499 Midterm Exam Solution

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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...

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