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admitted negligence of the Railroad , hay on the farm was set on fire and burned . Ward had had a dispute with the Railroad for several years concerning the ownership of a small parcel of land . The representative of the Railroad has offered to assign any rights which the Railroad may have in the land to Ward in exchange for a release of his right to reimbursement for the loss he has sustained from the fire . Ward appears inclined to accept the Railroad ' s offer . The Railroad ' s 2007 financial statements should include the following related to the incident : 51 ) Which of the following sets of conditions would give rise to the accrual of a contingency under current generally accepted accounting principles ? 52 ) If bonds are issued initially at a premium and the effective-interest method of amortization is used , interest expense in the earlier years will be 53 ) An example of an item which is NOT a liability is 54 ) The covenants and other terms of the agreement between the issuer of bonds and the lender are set forth in the 55 ) Which of the following is a correct statement of one of the capitalization criteria ? 56 ) Which of the following best describes current practice in accounting for leases ? 57 ) While only certain leases are currently accounted for as a sale or purchase , there is theoretic justification for considering all leases to be sales or purchases . The principal reason that supports this idea is that 58 ) The amount to be recorded as the cost of an asset under capital lease is equal to the 59 ) In the earlier years of a lease , from the lessee ' s perspective , the use of the 60 ) If the residual value of a leased asset is guaranteed by a third party ================================================= ACC 422 Final Exam Guide All 3 Sets

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