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ACC 499 ACC/499 ACC499 midterm part 1

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ACC 499 ACC/499 ACC499 midterm part 1 FASB’s rules concerning leases are an attempt to record in the financial statements 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 Minimum lease payments do not include Which of the following facts would require a lessor to classify a lease as an operating lease? A direct financing lease differs from a sales-type lease in that Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be When a lessee makes periodic cash payments for a capital lease, which of the following accounts is decreased? When a lessee makes periodic cash payments for a capital lease, which of the following accounts is increased? When a lessor receives cash on an operating lease, which of the following accounts is increased? Which of the following facts would require a lessee to classify a lease as a capital lease? Executory costs The lessor should report the Lease Receivable for a sales-type lease on its balance sheet as A corporation that operates in Texas but is incorporated in Nevada is viewed as a 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 Dividends in arrears pertain to 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 What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation? 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 When existing corporations issue stock, costs such as legal fees and underwriter’s fees are usually accounted for as A preemptive right is A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the The value assigned to stock warrants for a noncompensatory stock option plan is calculated as Universities, hospitals, and churches are examples of which type of corporation? The preference to dividends that preferred stockholders have is

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