Chapter's 15, 16, 17 Test

Chapter's 15, 16, 17 Test - View Attempt...

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View Attempt 1 of 1 Title: GWU Test 2 Ch 15, 16, 17 Started: October 27, 2010 9:57 AM Submitted: October 27, 2010 11:21 AM Time spent: 01:24:33 Total score: 56/100 = 56% Total score adjusted by 0.0 Maximum possible score: 100 Done 1. GAAP requires that some lease agreements be accounted for as purchases. The theoretical justification for this treatment is that a lease of this type: Student Response Value Correct Answer Feedback A. Complies with the concept of form over substance. 0% B. Reflects the relationship of cause and effect. 0% C. Satisfies the concept of historical cost. 0% D. Conveys most of the risks and benefits of property ownership. 100% Score: 0/2 Comments: 2. From the perspective of the lessee, leases may be classified as either: Student Response Value Correct Answer Feedback A. Direct financing or sales-type. 0% Your location: Assessments View All Submissions › View Attempt View Attempt http://webctap.gardner-webb.edu/webct/urw/lc9810010. .. 1 of 28 10/27/2010 11:22 AM
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Student Response Value Correct Answer Feedback B. Capital or direct financing. 0% C. Capital or operating. 100% D. Direct financing or operating. 0% Score: 2/2 Comments: 3. From the perspective of the lessor, leases may be classified as either: Student Response Value Correct Answer Feedback A. Direct financing or sales-type. 0% B. Operating, capital, or direct financing. 0% C. Operating, sales-type, indirect financing. 0% D. Operating, direct financing, or sales-type. 100% Score: 0/2 Comments: 4. Distinguishing between operating and non-operating leases is due in large part to the accounting concept of: Student Response Value Correct Answer Feedback A. Conservatism. 0% B. Materiality. 0% C. Substance over form. 100% View Attempt http://webctap.gardner-webb.edu/webct/urw/lc9810010. .. 2 of 28 10/27/2010 11:22 AM
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Student Response Value Correct Answer Feedback D. Historical cost. 0% Score: 2/2 Comments: 5. Which of the following statements characterizes a leveraged lease? Student Response Value Correct Answer Feedback A. The lessor borrows part of the acquisition price of the leased asset from a third party lender. 100% B. The lessor treats the lease as an operating lease. 0% C. The lessee makes lease payments to the lessor's lender. 0% D. The lessor's interest rate is always higher because the lease is leveraged. 0% Score: 2/2 Comments: 6. When the total expenses over the life of an operating lease are compared to the total expenses over the life of a capital lease, one will find that: View Attempt http://webctap.gardner-webb.edu/webct/urw/lc9810010. .. 3 of 28 10/27/2010 11:22 AM
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Student Response Value Correct Answer Feedback A. The expenses of a capital lease are greater than the expenses of the operating lease. 0%
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Chapter's 15, 16, 17 Test - View Attempt...

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