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Accounting 202 Tb

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ACCT 202 - PRE-QUIZ #2 (Chapter 15)

PROFESSOR FARINA

Student: ___________________________________________________________________________

1. Capital leases are agreements that are formulated outwardly as leases, but are installment purchases in substance.
True False

2. The criterion of 75% of economic life for classifying a lease as a capital lease is consistent with the basic premise that most of the risks and rewards of ownership occur during the first 75% of an asset's life.
True False 3. In accounting for operating leases, the lessor, rather than the lessee, will recognize depreciation on the leased asset.
True False

4. In addition to the criteria that must be met by the lessee, the lessor must meet additional conditions for classification as a nonoperating lease to satisfy the realization principle.
True False

5. When accounting for a nonoperating lease, the lessee records the leased asset at the present value of the minimum lease payments or the asset's fair value, whichever is lower.
True False 6. If the lessee is expected to take ownership of a leased asset at the end of the lease term, the lessor must use an estimated residual value when calculating the lease payments necessary to achieve a desired rate of return.
True False 7. A bargain purchase option is defined as the option of purchasing leased property at a price that is equal to the expected fair value of a leased asset.
True False 8. On a sale-leaseback transaction, any gain on the "sale" portion of the transaction is recognized immediately.
True False 9. From the perspective of the lessee, leases may be classified as either:
A. Direct financing or sales-type.
B. Capital or direct financing.
C. Capital or operating.
D. Direct financing or operating.

10. The four criteria provided in FASB Statement No....

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