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Devry ACCT 305 Week 7 Quiz Latest

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Devry ACCT 305 Week 7 Quiz Latest

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Devry ACCT 305 Week 7 Quiz Latest

 

 

Question 1.1.(TCO 8) For the lessee to account for a lease as a capital lease, the lease must meet (Points : 4)

all four of the criteria specified by GAAP regarding accounting for leases.
any one of the six criteria specified by GAAP regarding accounting for leases.
any two of the criteria specified by GAAP regarding accounting for leases.
any one of the four criteria specified by GAAP regarding accounting for leases.

 

Question 2.2.(TCO 8) From the perspective of the lessee, leases may be classified as either (Points : 4)

direct-financing or sales-type.
capital or direct-financing.
capital or operating.
direct-financing or operating.

 

Question 3.3.(TCO 8) One of the four criteria for a capital lease specifies that the lease term be equal to or greater than (Points : 4)

75% of the expected economic life of the leased property.
90% of the expected economic life of the leased property.
80% of the expected economic life of the leased property.
50% of the expected economic life of the leased property.

 

Question 4.4.(TCO 8) On February 1, 2011, our company became the lessee of equipment under a five-year, noncancelable lease. The estimated economic life of the equipment is eight years. The fair value of the equipment was $600,000. The lease does not meet the definition of a capital lease in terms of a bargain purchase option, transfer of title, or the lease term. However, we must classify this as a capital lease if the present value of the minimum lease payments is at least (Points : 4)

$600,000.
$540,000.
$450,000.
$405,000.

 

Question 5.5.(TCO 8) Which of the following would a lessee not record in connection with a lease? (Points : 4)

Lease Revenue
Amortization Expense
Interest Revenue
Lease Expense

 

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Devry ACCT 305 Week 7 Quiz Latest

Best Devry ACCT 305 Week 7 Quiz Latest
Devry ACCT 305 Week 7 Quiz Latest

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