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ACC 499 ACC/499 ACC499 Midterm Exam part 1

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ACC 499 ACC/499 ACC499 Midterm Exam part 1 A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to 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? When a lessee makes periodic cash payments for an operating lease, which of the following accounts is increased? Which of the following is not a required disclosure by a lessee of an operating lease? Executory costs FASB’s rules concerning leases are an attempt to record in the financial statements Minimum lease payments do not include When a lessor receives cash on a sales-type lease, which of the following accounts is decreased? Depreciation expense will be recorded in the accounts of the The account Unearned Interest: Leases should be reported on the lessor’s financial statements as Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be Which of the following is not a required disclosure by a lessor of a sales-type lease? 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) Under the fair value method, the grant date is the date When stock options are exercised by an employee under a compensatory stock option plan, the issuance of the common stock is recorded at the Dividends in arrears pertain to In accounting for a stock split, a company usually A noncompensatory stock option plan is designed to The corporate form of organization is important to the U.S. economy because A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the Preferred stockholders share with common stockholders in any “extra” dividends when the preferred stock is The value assigned to stock warrants for a noncompensatory stock option plan is calculated as A preemptive right is When existing corporations issue stock, costs such as legal fees and underwriter’s fees are usually accounted for as The accounting method that is used for stock appreciation rights (SARs) compensation plans is similar to the accounting procedures that can be used for

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