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ACC 499 MIDTERM EXAM STR NEW

ACC 499 MIDTERM EXAM STR NEW

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ACC 499 MIDTERM EXAM STR NEW

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

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