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ACC 499 Midterm Exam Answers

ACC 499 Midterm Exam Answers

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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 capital eliminated in regard to the preferred stock is less than the common stock par value, the difference is debited to:

Question 18.

What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation?

Question 19.

For stock appreciation rights (SARs) compensation plans where the employee is expected to receive cash on the exercise date, the account that is credited in the year-end adjusting journal entry to recognize the compensation expense is:

Question 20.

When existing corporations issue stock, costs such as legal fees and underwriter’s fees are usually accounted for as:

Question 21.

A preemptive right is:

Question 22.

A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the:

Question 23.

The value assigned to stock warrants for a noncompensatory stock option plan is calculated as:

Question 24.

Universities, hospitals, and churches are examples of which type of corporation?

Question 25.

The preference to dividends that preferred stockholders have is:

(more)
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