Which of the following statements regarding leases is false? a.Accounting recognizes two types of leases—operating and finance leases. b.Lease agreements are a popular form of financing the purchase of assets because leases do not require a large initial outlay of cash. c.If a lease is classified as an operating lease, the lessee records a lease liability on its statement of financial position. d.If a lease is classified as a finance lease, the lessee records a lease liability on its statement of financial position

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Under IFRS 16, lessors are required to account for lease receipts from operation leases as    a. Income, on a straight-line basis over the lease term b. Revenue, on a reducing balance basis over the lease term c. Revenue, at the end of lease term d. Income, on inception date of the lease

The methods of accounting for a lease by the lessor are Select one: a. operating and finance lease methods. b. none of these. c. operating and leveraged lease methods. d. operating, sales, and finance lease methods. Clear my choice

(48) If, as part of the accounting for a lease, the lessee debits an asset and credits a liability, then the lease must be a(n): A. Finance Lease B. Operating Lease C. Operating lease or finance lease D. none of the above

Leasing is often referred to as off-balance-sheet financing because of the way that the transaction is treated and reported in financial statements. According to the FASB-issued Statement 13, which of the following statements is true? The present value of all future lease payments should be reported as assets on the balance sheet. Leased assets should be reported as current assets on the balance sheet. The present value of all past lease payments should be reported as a liability on the balance sheet. Assets leased under financial or capital leases should be reported as fixed assets on the balance sheet. Consider the following statement on capital leases: According to Statement 13, the payments on a financial lease should be treated as an operating expense and should not in any case. affect a firm's true debt ratio. Is the preceding statement is true or false. True False

The Home Depot financial statements include a disclosure statement regarding Leases. What is the company disclosing with this statement? They are noting that according to GAAP rules, they must report leases as assets. They are noting that according to GAAP rules, they must report leases as liabilities. They are explaining that leases are either operating or finance leases and what is included in each classification. They are disclosing that there are uncertain outcomes to the bottom line due to the nature of the leases.   When long-term debt becomes due in the current account cycle, accountants: Have the entire long-term debt amount depreciated using the straight-line method. Issue a credit memo and debit a cash account. Move the portion due to an interim period account. Move the portion due to the current liabilities category.   The primary function of Accounts Payable in accounting is: Tracking the increases in employee 401k accounts. Accounting for net change…