Monday, December 15, 2008. 2 Which of the following is an advantage of leasing? D All of these. 3 Which of the following best describes current practice in accounting for leases? B Leases similar to instalment purchases are capitalized. C a lease reflects the purchase or sale of a quantifiable right to the use of property. 5 The methods of accounting for a lease by the lessee are.

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Monday, December 15, 2008. 1 The residual interest in a corporation belongs to the. 2 The pre-emptive right of a common shareholder is the right to. B share proportionately in any new issues of shares of the same class. 3 The pre-emptive right enables a shareholder to. A share proportionately in any new issues of shares in the same class. 4 The liability of shareholders is. D limited to their property or service invested in the corporation. 6 Dividends on cumulative preferred shares.

Monday, December 15, 2008. D may be exchanged for equity securities. 2 The conversion of bonds is most commonly recorded by the. 3 Gains or losses on the early extinguishment of convertible debt should be considered an. 4 The conversion of preferred shares may be recorded by the. D premium on bonds payable. 6 A convertible debt security is recorded as a debt instrument. C and an equity component. 7 Shares warrants outstanding should be classified as.