Need some help with questions and the reason behind it each questions?
1. According to GAAP (the generally accepted accounting principles), some leases must be recorded as a purchase. What is the basis for this treatment?
a. A lease of this type effectively conveys the same benefits and risk to the lessee as it would an owner of the property.
b. The lease must be recorded in accordance with the concept of cause and effect.
c. The lease provides the use of the leased assets to the lessee for a limited period of time.
d. It is an example of form over substance.
2. Which of the following is one of the four general criteria for a capital lease?
a. The present value of the minimum lease payments equals or exceeds 50 percent of the property's fair market value.
b. The present value of the minimum lease payments equals or exceeds 75 percent of the property's fair market value.
c. The present value of the minimum lease payments equals or exceeds 90 percent of the property's fair market value.
d. The present value of the minimum lease payments equals or exceeds the property's fair market value.
3. In an operating lease, how should the monthly rental payments be records?
a. They should be split between interest expense and depreciation expense
b. They should be recorded as rental expense
c. They should be recorded as a reduction in liability for leased assets
4. Which of the following is one of the four for recording a lease as a capital lease?
a. The term of the lease must be equal to or greater than the estimated economic life of the property.
b. The term of the lease must be equal to or greater than 90 percent of the estimated economic life of the property.
c. The term of the lease must equal to or greater than 70 percent of the estimated economic life of the property
d. The term of the lease must be equal to or greater than 50 percent of the estimated economic life of the property
5. If a lease does not contain a bargain purchase option, but is equal to 90 percent of the estimated economic life of the leased property, how should this lease be classified?
a. It is a capital lease
b. It is an operating lease
6. At the inception of a capital lease, how is the leasee's balance sheet affected?
a. The leased asset is decreased and the lease obligation is decreased
b. Cash is increased and the lease obligation is decreased
c. Cash is decreased and the lease obligation is decreased
d. The leased asset is increased and the lease obligation is increased
7. Using the direct method, how is the second lease payment through the final lease payment affected on the lessee's statement of cash flows?
a. 1. In the operating section, the interest portion of a lease payment is recorded as a cash outflow. 2. In the financing section, the principle portion of the lease payments is recorded as cash outflow.
b. 1. In the operation section, the interest portion of a lease payments is recorded as a cash inflow. 2. In the financing section, the principle portion of the lease payments is recorded as a cash inflow.
c. 1. In the operating section, the inertest portion of a lease payment is record as a cash outflow. 2. In the investing section, the principle portion of the payment is recorded as a cash outflow.
d. 1. In the operating section, the interest portion of a lease payment is record as a cash inflow. 2. In the investing section, the principle portion of the payment is recorded as cash outflow.
8. In what instance would you report an obligation that is contingent on the occurrence of a future event as a liability on the balance sheet?
a. If the future event is likely to occur
b. If the occurrence of the future event is at least reasonably possible and the amount is know.
c. If the amount of the obligation can be reasonably estimated
d. If the occurrence of the future event is possible and the amount can be reasonable estimated.
9. When you disclose a contingent loss in a note to financial statement, but not record it as a liability?
a. When the outcome is uncertain
b. When the loss is reasonably possible
c. When the possibility of the loss is remove
d. When the contingency involves pending or threatened litigation
10. In December 2004, Company X was involved in several pending litigations issues.
In the first case, the legal department of the company X thinks it is possible that the company will be found liable and the best estimate of liability in the case is $900,000
In the second case, the legal department has determined that it is reasonably possible that the company will face a liability in the case. Company X is being sued for $1,000,000 in this case, but the amount of liability for the case is not reasonably estimable by Company X's legal department
In the third case, a competitor is using the company for $2,000,000. The legal department thinks the chance of liability in this case is remote.
What amount, if any, should be accrued by a change to income by the Company X in 2005?
The solution explains some multiple choice questions in accounting
Amino acids multiple choice questions
Which statement is incorrect about the classification of amino acids?
a. Alanine and valine are neutral, nonpolar amino acids.
b. Lysine and arginine are basic amino acids.
c. Tryptophan and phenylalanine are aromatic amino acids.
d. Aspartic acid and aspargine are acidic amino acids.
Which of the following amino acids is the least water soluble at pH 7.0?
b. Glutamic acid
Which amino acid would migrate the furthest toward the anode (positive electrode) during paper electrophoresis at pH 7.0?
a. Aspartic acid
Which of the following functional groups, attached to an inert matrix, could function as a cation exchanger?
Which of the following amino acids would make the best buffer at pH 4.5?
d. Aspartic acid
Which fact is incorrect about stereoisomers?
a. A diastereomer is a nonsuperimposable non-mirror image.
b. An enantiomer is a nonsuperimposible mirror image.
c. Diastereomers have different melting points.
d. Diastereomers rotate plane polarized light in equal but opposite direction.
Which statement is incorrect about L-isoleucine?
a. Its enantiomer is named O-isoleucine.
b. It contains a total of two asymmetric or chiral carbons.
c. It can also be named as (28, 38)-isoleucine using the (R,8) system.
d. Its diastereomer would be named O-alloisoleucine.
An isoelectric amino acid was dissolved in water and the resulting pH was approximately 7.6. What amino acid would possess this property?
b. Glutamic acid
What volume of NaOH is required to adjust the solution of monosodium aspartate to pH 9.8?
a. 1 ml
b. 2 ml
c. 3 ml
d. 6 ml or more
What volume of 2 N Hel is required to completely titrate the 4 mmol of monosodium aspartate?
a. 2 ml
d. 6 ml or more
Which statement is correct about the peptide ala-ser?
a. Alanine is at the N-terminal of the peptide.
b. There are a total six atoms that lie in the plane of the peptide bond linking alanine to serine.
c. The alpha-carbon of alanine is sp3 hybridized d All the above are correct statements.
What is the product formed from the acid hydrolysis of a simple amide?
a. Acid & base
b. Aldehyde & alcohol
c. Acid & amine
d. Ester & alcohol
The complete acid hydrolysis of the peptide ala-gln-trp-ser would yield:
a. Ala, gin, trp, ser
b. Ala, glu, ser
c. Ala, glu, trp, ser
d. Ala. ser
Fibrous proteins, such as collagen, have which of the following properties?
a. Highly soluble in water
b. Their hydrophilic residues are directed into the interior of the protein
c. Exhibit enzymatic activity
d. Serve structural roles in the cell
Quaternary structure is associated with:
a. The overall shape of a polypeptide chain
b. The sum of the secondary and tertiary interactions
c. Simple proteins with only one subunit
d. The relative orientation of one polypeptide to another polypeptide in a multi-subunit protein.
The information needed to define the structure of a protein is essentially contained in:
a. Amino acid composition
b. Amino acid sequence
c. Secondary structure
d. Tertiary structure.
Insulin is a polypeptide hormone that contains two short polypeptide chains linked by two interstrand disulfide bonds. The most logical order of events to perform in order to sequence this protein would be:
A: The peptides are reduced with mercaptoethanol.
B: The peptides are sequenced using Edman chemistry .
C: The peptides are separated by chromatography techniques. 0: The peptides are alkylated with iodoacetamide.
a. A, D,C, B b.C,A, 0, B
c. C, B, A, 0
d. A, B, C, 0
Which statement is incorrect about the peptide val-asp-trp-asn-ser?
a. This peptide would show a strong absorption band at 280 nm.
b. Reaction with chymotrypsin would yield two peptides.
c. To synthesize this peptide using the solid phase method of Merrifield, the amino acid directly attached to the resin would be serine.
d. After the second round of Edman chemistry using the reagent PITC, the PTH -amino acid residue released would be PTH-asn.
Which statement is incorrect about the reaction of the peptide ser-Iys-asp-trp-cys-metasn-phe-ala with the following reagents?
a. Reaction with cyanogens bromide would yield two peptides.
b. Reaction with trypsin would result in three peptides. The smallest of three peptides would have the highest pi of the three.
c. Reaciton with chymotrypsin would result in the peptides ser-Iys-asp & try-cys-met-Iysasn-phe-ala .
d. Reaction with chymotrypsin would yield a different set of peptides that overlap those obtained with tryspsin
Determine the amino acid sequence of the following oligopeptide from the experimental data below:
The amino acid composition is found the be ala, Iys, phe, met, cys plus some
2. The peptide has a molecular weight around 700 Da and absorbs at 280 nm.
3. Treatment with carboxypeptidase results in tryptophan and a peptide.
4. CNBr treatment yields a tetrapeptide and a dipeptide.
5. Trypsine digestion produces an amino acid and a pentapeptide with met on the amino end.
6. Chymotrypsin digestion yields a dipeptide and a tetrapeptide.
d. Iys-ala-cys-phe-met -trp