Which of the following statements characterizes a sales-type lease?
a. The lessor recognizes a dealer's profit at lease inception and interest revenue over the lease term.
b. The lessor recognizes only interest revenue over the lease term.
c. The lessor recognizes only interest revenue over the life of the asset.
d. The lessor recognizes a dealer's profit at lease inception and interest revenue over the asset life.
A
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What will be an ideal response?
Which of the following statement is true?
a. Intangible assets should be recorded at fair market value. b. Intangible assets should be recorded at cost. c. Intangible assets should be recorded at future market value. d. Intangible assets should not be recorded.
An approach that quantifies the total of uncorrected misstatement as of the current year-end based on the effects of reflecting misstatements during the current year (and not considering any unadjusted previous year misstatements) is referred to as the:
A. Iron curtain approach. B. Projected misstatement approach. C. Evaluation materiality approach. D. Rollover approach.
Jack thought it would be fun to paint rude swear words all over the mailboxes in his apartment building. If Jack was caught, the building owner could sue Jack for
A) negligence B) trespass C) trespass to goods D) battery E) injurious falsehood