30 May ACC 499 Midterm Exam (4 Sets) NEW
This Tutorial contains 4 Sets (All Question Listed below)
ACC 499 Midterm Part 1 (Set 1)
ACC 499 Midterm Part 1
Question 1
Which of the following is not a required disclosure by a lessee of an operating lease?
Question 2
Which of the following facts would require a lessee to classify a lease as a capital lease?
Question 3
When a lessor receives cash on an operating lease, which of the following accounts is increased?
Question 4
FASB’s rules concerning leases are an attempt to record in the financial statements
Question 5
As a generalized statement regarding lease accounting, which statement best describes U.S. versus international accounting principles?
Question 6
The account Unearned Interest: Leases should be reported on the lessor’s financial statements as
Question 7
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
Question 8
A direct financing lease differs from a sales-type lease in that
Question 9
A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to
Question 10
When a lessee makes periodic cash payments for an operating lease, which of the following accounts is increased?
Question 11
The lessee should classify a non-cancellable long-term lease as a capital lease if
Question 12
A lease will be treated as a direct financing lease by the lessor when
Question 13
The corporate form of organization is important to the U.S. economy because
Question 14
The authorized shares of capital stock is the number of shares
Question 15
In the financial statements, dividends in arrears on cumulative preferred stock should be
Question 16
In accounting for a stock split, a company usually
Question 17
Which of the following types of corporations is owned or operated by a government unit?
Question 18
Under the fair value method, the grant date is the date
Question 19
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 20
Which of the following represents shares of stock that will be issued upon completion of an installment purchase contract?
Question 21
Common stock issued to employees through the exercise of stock warrants under a stock option plan that is classified as a noncompensatory stock option plan is recorded by the corporation at the
Question 22
Which set of accounting principles directly uses the term “reserve”?
Question 23
What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation?
Question 24
A corporation is a legal entity
Question 25
Preferred stockholders share with common stockholders in any “extra” dividends when the preferred stock is
ACC 499 Midterm Part 1 (Set 2)
Question 1
Minimum lease payments do not include
Question 2
A direct financing lease differs from a sales-type lease in that
Question 3
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is increased?
Question 4
Executory costs
Question 5
On January 1, Lessor Company incorrectly recorded a sales-type lease as an operating lease. As a result of this error, the reported amount for Lessor Company’s property, plant, and equipment leased to others is
Question 6
The lessee should classify a non-cancellable long-term lease as a capital lease if
Question 7
When a lessor receives cash on an operating lease, which of the following accounts is increased?
Question 8
Which of the following is not a required disclosure by a lessee of an operating lease?
Question 9
Which of the following facts would require a lessee to classify a lease as a capital lease?
Question 10
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is decreased?
Question 11
Which of the following is not a required disclosure by a lessor of a sales-type lease?
Question 12
A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to
Question 13
When stock options are exercised by an employee under a compensatory stock option plan, the issuance of the common stock is recorded at the
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
Which of the following represents shares of stock that will be issued upon completion of an installment purchase contract?
Question 16
Preferred stockholders share with common stockholders in any “extra” dividends when the preferred stock is
Question 17
A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the
Question 18
What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation?
Question 19
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 20
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 21
Dividends in arrears pertain to
Question 22
A non compensatory stock option plan is designed to
Question 23
The corporate form of organization is important to the U.S. economy because
Question 24
The preference to dividends that preferred stockholders have is
Question 25
A corporation is a legal entity
ACC 499 Midterm Part 1 (Set 3)
Review Test Submission: Midterm Exam Part 1
Question 1
The account Unearned Interest: Leases should be reported on the lessor’s financial statements as
Question 2
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
Question 3
The lessee should classify a non-cancellable long-term lease as a capital lease if
Question 4
When a lessor receives cash on an operating lease, which of the following accounts is increased?
Question 5
A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to
Question 6
Which is an advantage of leasing from a lessee’s viewpoint?
Question 7
The lessor should report the Lease Receivable for a sales-type lease on its balance sheet as
Question 8
When is it appropriate for the lessee to use the lessor’s implicit rate to discount the minimum lease payments?
Question 9
Minimum lease payments do not include
Question 10
A direct financing lease differs from a sales-type lease in that
Question 11
Executory costs
Question 12
Depreciation expense will be recorded in the accounts of the
Question 13
Which set of accounting principles directly uses the term “reserve”?
Question 14
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 15
Dividends in arrears pertain to
Question 16
Common stock issued to employees through the exercise of stock warrants under a stock option plan that is classified as a non compensatory stock option plan is recorded by the corporation at the
Question 17
The value assigned to stock warrants for a non compensatory stock option plan is calculated as
Question 18
The corporate form of organization is important to the U.S. economy because
Question 19
A corporation whose stock is traded on a stock exchange is called a(n)
Question 20
The accounting method that is used for stock appreciation rights (SARs) compensation plans is similar to the accounting procedures that can be used for
Question 21
A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the
Question 22
The authorized shares of capital stock is the number of shares
Question 23
Universities, hospitals, and churches are examples of which type of corporation?
Question 24
In accounting for a stock split, a company usually
Question 25
A non compensatory stock option plan is designed to
ACC 499 Midterm Part 1 (Set 4)
Question 1
In a sales-type lease
Question 2
When is it appropriate for the lessee to use the lessor’s implicit rate to discount the minimum lease payments?
Question 3
When a lessee makes periodic cash payments for a capital lease, which of the following accounts is decreased?
Question 4
The lessor should report the Lease Receivable for a sales-type lease on its balance sheet as
Question 5
FASB’s rules concerning leases are an attempt to record in the financial statements
Question 6
When a lessor receives cash on a sales-type lease, which of the following accounts is decreased?
Question 7
A capital lease should be recorded in the lessee’s accounts at the inception of the lease in an amount equal to
Question 8
In a sales-leaseback transaction
Question 9
On January 1, Lessor Company incorrectly recorded a sales-type lease as an operating lease. As a result of this error, the reported amount for Lessor Company’s property, plant, and equipment leased to others is
Question 10
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
Question 11
Any initial direct costs incurred by the lessor for a sales-type lease should be
Question 12
Which of the following is not a required disclosure by a lessee of an operating lease?
Question 13
A corporation is a legal entity
Question 14
What account should be debited when stock issuance costs are associated with the initial issuance of stock at incorporation?
Question 15
The value assigned to stock warrants for a noncompensatory stock option plan is calculated as
Question 16
A noncompensatory stock option plan is designed to
Question 17
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 18
The authorized shares of capital stock is the number of shares
Question 19
A company is exchanging its common stock for land in a nonmonetary exchange. This transaction should be valued based upon the
Question 20
Common stock issued to employees through the exercise of stock warrants under a stock option plan that is classified as a noncompensatory stock option plan is recorded by the corporation at the
Question 21
When stock options are exercised by an employee under a compensatory stock option plan, the issuance of the common stock is recorded at the
Question 22
Preferred stockholders share with common stockholders in any “extra” dividends when the preferred stock is
Question 23
In accounting for a stock split, a company usually
Question 24
Which of the following types of corporations is owned or operated by a government unit?
Question 25
The corporate form of organization is important to the U.S. economy because
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