In a lease that is appropriately recorded as a direct financing lease by the

In a lease that is appropriately recorded as a direct

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15.In a lease that is appropriately recorded as a direct-financing lease by the lessor, unearned incomea.should be amortized over the period of the lease using the interest methodb.should be amortized over the period of the lease using the straight-line methodc.does NOT arised.should be recognized at the lease’s expirationTopic: Owners’ Equity and Earnings per ShareObjective: Calculate basic and diluted earnings per share (EPS).16.In computing earnings per share, the equivalent number of shares of convertible preferred stock are added as an adjustment to the denominator (number of shares outstanding). If the preferred stock is cumulative, which amount should then be added as an adjustment to the numerator (net earnings)?17.Antidilutive securitiesTopic: InvestmentsObjective: Prepare journal entries for investments using the fair value and the equity method.18.A requirement for a security to be classified as held-to-maturity is:Topic: Less Than 100% OwnershipObjective: Record consolidation and elimination journal entries under conditions of less than 100% ownership and economic unit, parent company, and proportionate consolidation concepts.19.On January 1, 2008, Colorado Corporation acquired 75% of Denver Company’s voting common stockfor $90,000 cash. At that date, the fair value of the noncontrolling interest was $30,000. Denver’s balance sheet at the date of acquisition contained the following balances:Denver Company Balance SheetJanuary 1, 2008Cash$10,000Accounts Payable$35,000Accounts Receivable$20,000Notes Payable$50,000
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Final Examination Study GuideACC/497 Version 7
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  • Fall '09
  • Balance Sheet, Securities and Exchange Commission, Examination Study Guide, Final Examination Study

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