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标题: Reading 39: Non-current (Long-term) Liabilities-LOS i 习题精选 [打印本页]

作者: 1215 时间: 2011-3-22 11:34 标题: [2011]Session 9-Reading 39: Non-current (Long-term) Liabilities-LOS i 习题精选

Session 9: Financial Reporting and Analysis: Inventories, Long-lived Assets, Income Taxes, and Non-current Liabilities
Reading 39: Non-current (Long-term) Liabilities

LOS i: Compare and contrast the disclosures relating to finance and operating leases.

Penguin Company is planning to lease a $5 million machine to produce goods for eventual sale. Penguin is able to structure the lease so as to classify it as either an operating or a finance lease. Advantages to Penguin of classifying this lease as an operating lease are least likely to include that:

A)
depreciation is not recorded.

B)
the lease is not reported as debt on Penguin's balance sheet, so leverage ratios are not increased.

C)
no disclosures of payments due under the lease are required.

Cash payments due under an operating lease must be disclosed in the notes to the financial statements for each of the following five years and in aggregate. Operating leases are simpler to account for and the often adverse ratio implications of offsetting increases in assets and liabilities are avoided.

作者: 1215 时间: 2011-3-22 11:34

Which of the following statements regarding finance and operating leases is least accurate?

A)
During the life of an operating lease, the rent expense equals the lease payment.

B)
For financial reporting of finance and operating leases, no entry is required on the lessee's balance sheet at the inception of the lease.

C)
Asset turnover is higher for the lessee with an operating lease than a finance lease.

If the lease is an operating lease there is no entry made on the balance sheet for the lessee. For finance leases, the leased asset and liability are recognized on the balance sheet by the amount equal to the present value of the minimum lease payments using as the discount rate the lower of the lessor's implicit rate or the lessee's incremental borrowing rate.

作者: 1215 时间: 2011-3-22 11:35

Classifying a lease as an operating lease for a lessee, as opposed to a finance lease, will result in:

Current Ratio
Debt/Equity Ratio
Asset Turnover Ratio

A)

Higher Lower Higher

B)

Higher Lower Lower

C)

Lower Lower Higher

For a lessee using operating leases, the current ratio will be higher, the debt/equity ratio will be lower, and the asset turnover will be higher than they would be with finance leases. With operating leases, assets and liabilities are lower.

作者: 1215 时间: 2011-3-22 11:35

Which of the following is least likely disclosed in the financial statement footnotes of a lessee?

A)
A general description of the leasing arrangement.

B)
The lease interest rate.

C)
The lease payments to be paid in each of the next five years.

The interest rate used by the lessee is not a required disclosure.

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