Chapter 20--Accounting for

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1、Chapter20--AccountingforLeases3copyStudent:___________________________________________________________________________1.Alessoracquirestherighttousetheleasedassetinexchangeformakingfutureleasepayments.  True    False 2.Acapitalleaseisaleasewhereby risksandbenefitsofownership

2、isineconomicsubstanceapurchasebythelesseeandasaleorfinancingarrangementbythelessor.  True    False 3.Anadvantageofanoperatingleaseisthatisdoesnotaddaliabilityoranassettothelessee’sbalancesheet,therebynotaffectingcertainliquidityandfinancialleverageratio’s.  True    False 4.F

3、romthelessee’spointofviewleasingprovidesamethodofmakingasalewhilestillmaintainingtheadvantagesofownership,includingsecurityintheassetandtaxbenefits.  True    False 5.Ifaleaseisstructuredsothatthelesseepaysasetrentalpaymenteachperiodplusanadditionalamountbaseduponusageordeter

4、minedbyachangeinanindex,thesearecontingentrentalpaymentswhichifincludedintheleaseagreementtherentalpaymentsshouldbeexpensedwhenthecontingencyislikelytobemet.  True    False 6.Becausetherisksandbenefitsofownershiptransfertothelessorwithacapitallease,theexecutedcostsincurreddo

5、notgetincludedwhendeterminingthepresentvalueoftheminimumleasepayments.  True    False 7.Alesseereportsnoncashinvestingandfinancingactivityonthestatementofcashflowswhenrecordingacapitallease.  True    False 8.Theexistenceandtermofrenewalorpurchaseoptionsandescalationclausesar

6、edisclosedforcapitalleasesonly  True    False 9.Adirectfinancingcapitalleaseresultsinamanufacturersordealersprofitorlossandmeetsoneormoreofthecapitalizationcriteriaandbothoftherecognitioncriteria.  True    False 10.Asalestypeleaseissimilartoadirectfinancinglease,butthelessor

7、sellstheassetandrecordsareceivable.Itdiffersinthatitscostorcarryingvalueislessthanthefairvalueoftheassetwhichresultsinaprofitorlossforthemanufacturerordealer.  True    False 11.Presentationoftheleaseonthelessor’scashflowstatementisdependentupontheclassificationofthelease.  T

8、rue    False 12.Arequireddisclosureofadirectfinancingleaseisthatthecostandc