Accounting 53 QuestionA capital lease is treated as(A) Operating expense(B) Purchase of an asset(C) Revenue(D) Short-term liability

Concept of Capital Lease:A capital lease is a lease arrangement where the lessee effectively gains…

Answered: Question A capital lease is treated as…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 4MC: Which of the following assets typically are amortized?

See similar textbooks

Similar questions

Residual interest in the asset of an entity that remains after deducting its liabilities is? a. Liabilities b. Expense c. Owner’s Equity d. Assets
A(n) is a contract for the use of an asset for a period of time without having to buy the asset. Oa. indenture Ob. revenue option Oc. lease Od. depreciation hedge
In an operating lease, rent collected in advance by the lessor should be treated as? prepaid expense accrued liability accrued asset unearned income
distinguish between current and non-current assets, and current and non-current liabilitie
Explanation
Define amortization expense
The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed: A. book value B. contra asset C. liability D. market value book value
Which of the following is a required financial statement presentation by a lessee for both capital leases and operating lease? A. Amortization Expense and Interest Expense B. Lease Expense C. Right-of-Use Asset and Lease Liability D. The reduction of the Lease Liability as a financing activity
Which of the following cash flows is classified as an investing cash flow? A. interest portion of payment received under a direct financing lease B. reduction of a direct financing lease receivable C. purchase of an asset leased under a sales-type lease D. payment received under an operating lease
under what conditions a short-term obligation should be excluded from current assets
Which of the following is typically recorded at its present value? a. long-term investments b. long-term liabilities c. intangible assets d. contigent liabilities
If the Construction in Progress account is greater than the Contract Billings, the excess is treated as * A. current liability B. current asset C. loss D.income

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Question A capital lease is treated as (A) Operating expense (B) Purchase of an asset (C) Revenue (D) Short-term liability