Exam (elaborations)
Ch 2 Finance and Accounting - CLFP WITH 100- SURE ANSWERS
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Ch 2 Finance and Accounting - CLFP WITH 100- SURE ANSWERS
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10/5/24, 8:04 AMEUNICE
Ch 2 Finance and Accounting – CLFP WITH 100% SURE
ANSWERSE
Terms in this set (7)
All leases will be recorded on the balance sheet (asset and liability recognition)
Lessees have a "right to use" asset and corresponding "lease liability" to pay for its
use
ASC 842 - The New Leasing Standard Exceptions are for leases less than 12 months
Continue to be a distinction between Capital (Finance) Leases and Operating Leases,
however both are reported on balance sheet
Allows for recognition of up-front profit
1) Automatic Title Transfer
2) Bargain Purchase Option
Classifications Under ASC 842 3) Lease Term >= 75% of Remaining Economic Life
4) PV of Lease Payments >= 90% of FMV
5) Asset of Specialized Nature
Audited Financial Statements
- highest level of assurance
Reviewed Financial Statements
Accountant's Reports
- limited assurance, opinion based on inquiries and analytical procedures
Compiled Financial Statements
- management representation and provides no assurance
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