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Sample Exam 2A w Answers

Sample Exam 2A w Answers - Print Name Sign Name Print SSN...

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Print Name____________________________________________ Sign Name____________________________________________ Print SSN_________________________ AMIS 522/Spring Quarter 2005 2nd Midterm Examination Instructions—READ CAREFULLY! 1. The exam consists of 5 parts and has 10 pages , including the cover sheet, a scratch page and a page of present value tables. Please check your exam for completeness before beginning. If you don’t have all of the pages, raise your hand, and I will give you another copy. 2. You must use the exact table numbers to compute any present values required by the problems. Grading will be based on these numbers, even if formula numbers are different. 3. From the time that I start the exam, you will have 105 minutes to complete it. 4. No questions of any kind are permitted during the exam . 5. Use only the paper provided with the exam. All pages, even if blank, must be returned with the exam. Those with missing pages will receive no credit for the exam . 6. If you finish early, check your work to avoid careless errors. When you are ready to leave, bring your exam to the front of the room. Please leave the room quietly so that you not disturb others who are still working! 7. If you are still in the room when I call time, stop writing immediately and place your writing instrument on the desk . Failure to do so will cost you 20 points .
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Part 1: Terminology and Concepts (58 points) Listed below are several accounting terms (numbered 1-18). (7) Direct financing lease (8) Discount rate (14) Operating lease (9) Executory costs (15) Residual value (4) Bargain purchase option (16) Sale-leaseback payments (5) Capital lease (11) Gross method (17) Sales-type lease (6) Depreciation on leased assets REQUIRED : (4 pts. each) Using the numerical labels in the above list, indicate in the blank boxes below which term best relates to the following phrases/descriptions: ANSWERS PHRASE/DESCRIPTION 9 Lessee reimburses lessor for operating costs of leased asset 8 Identified as the lower of implicit rate or lessee's incremental borrowing rate.
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