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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