题目
题目

BU.210.620.W6.FA24 Mock-Quiz II

多重下拉选择题

SKY Company plans to prepare its annual financial statements for its shareholders for fiscal year ending December 31, 2022. Record in the chart below whether each transaction for SKY Company overstated, understated or correctly stated net income, total assets, total liabilities, or stockholders’ equity for fiscal year 2022. a) In November of 2022, SKY Company signed a one year lease for a new retail location. The lease will begin on January 1, 2023 and the rent is $5,000 a month payable at the beginning of the month. SKY Company did not make journal entry for this transaction. Assets Liabilities Equity Net Income [ Select ] correctly stated understated overstated [ Select ] understated overstated correctly stated [ Select ] correctly stated overstated understated [ Select ] correctly stated understated overstated  

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思路分析
The scenario asks us to evaluate the impact of SKY Company's November 2022 lease commitment on 2022 financial statements, given that the lease begins January 1, 2023 and rent is $5,000 per month payable at the beginning of each month. The key considerations are recognition timing and the accounting framework for leases. First, consider the accounting timing for a lease that commences after year-end. Under ASC 842, a right-of-use (ROU) asset and a corresponding lease liability are recognized at the lease commencement date, which is when SKY gains the right to use the......Login to view full explanation

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An auditor is designing a substantive test of details of lease transactions to ensure that all right-of-use (ROU) lease assets have been included in the balance sheet. Which of the following is the best procedure?

Question1 Consider the following statements:Statement I: For lessees with significant operating leases prior to adopting AASB 16, the adoption of the new standard is unlikely to have an adverse impact on profits in the early years.Statement II: For lessees with significant operating leases prior to adopting AASB 16, the adoption of the new standard is likely to decrease the debt-to-asset ratio in the year of adoption due to the recognition of the right-of-use asset on the balance sheet.Statement III: At the commencement date, the value of the lease liability must equal that of the lease receivable.Statement IV: At the commencement date, the lease receivable is always the same for a direct financing lease and a manufacturer or dealer lease. Choose the most correct answer: Two statements are correct Three statements are correct One statement is correct None of the statements is correct. All four statements are correct ResetMaximum marks: 1 Unflag question undefined

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Question8 The non-current liability portion of the lease liability as at 30 June 2025 is: 996,878 782,460 1,002,278 776,628 773,129 ResetMaximum marks: 1 Flag question undefined

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