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(完整word版)罗斯公司理财题库全集(word文档良心出品).pdf

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1、Chapter 21-Leasing 21-1 Chapter 21 Leasing Multiple Choice Questions1.In a lease arrangement,the owner of the asset is:A.the lesser.B.the lessee.C.the lessor.D.the leaser.E.None of the above.2.In a lease arrangement,the user of the asset is:A.the lesser.B.the lessee.C.the lessor.D.the leaser.E.None

2、of the above.3.Which of the following would not be a characteristic of a financial lease?A.They are not usually fully amortized.B.They usually do not have maintenance necessary for the leased assets.C.They usually do not include a cancellation option.D.The lessee usually has the right to renew the l

3、ease at expiration.E.All of the above are characteristics of financial leases.4.An independent leasing company supplies _ leases versus the manufacturer who supplies _ leases.A.leveraged;direct B.sales and leaseback;sales-type C.capital;sales-type D.direct;sales-type E.None of the above Chapter 21-L

4、easing 21-2 5.Which of the following is not a financial lease?A.A leveraged lease B.An operating lease C.A sale-and-leaseback D.Both A and B.E.None of the above.6.If the lessor borrows much of the purchase price of a leased asset,the lease is called:A.a leveraged lease.B.a sale-and-leaseback.C.a cap

5、ital lease.D.a nonrecourse lease.E.None of the above.7.An operating leases primary characteristics are:A.fully amortized,lessee maintains equipment and there is no cancellation clause.B.not fully amortized,lessor maintains equipment and there is a cancellation clause.C.fully amortized,lessor maintai

6、ns equipment and there is a cancellation clause.D.not fully amortized,lessor maintains equipment and there is not cancellation clause.E.fully amortized,lessee maintains equipment and lessee can acquire assets at end of lease for fair market value.8.If a lease is for 35 years,it is regarded as a:A.fi

7、nancial lease.B.operating lease.C.capital lease.D.conditional sale.E.sale and leaseback.文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7

8、I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9

9、V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7

10、I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9

11、V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7

12、I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9

13、V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2Chapter 21-Leasing 21-3 9.The city of Oakland sold some buildings and used the proceeds to i

14、mprove its financial position.The city then leased the buildings back in order to continue to use these facilities.This is an example of:A.an operating lease.B.a short-term lease.C.a sale and leaseback.D.a fully amortized lease.E.None of the above.10.A financial lease has the following as its primar

15、y characteristics:A.is fully amortized,lessee maintains equipment and there is no renewal clause and no cancellation clause.B.is not fully amortized,lessor maintains equipment and there is a renewal clause but no cancellation clause.C.is fully amortized,lessor maintains equipment and there is a rene

16、wal clause and a no cancellation clause.D.is not fully amortized,lessor maintains equipment and there is a renewal clause.E.is fully amortized,lessee maintains equipment and there is a renewal clause and a no cancellation clause.11.An advantage of leasing is that the lessor does not own the asset an

17、d can cancel:A.only financial leases.B.only operating leases.C.only capital leases.D.any kind of leases anytime.E.None of the above.12.A leveraged lease typically involves a non-recourse loan in which:A.the lessees payments go directly to the lender in case of default.B.the lessor is not obligated i

18、n case of default.C.the third party lenders have a first lien on the assets.D.All of the above.E.None of the above.文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X

19、7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:

20、CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X

21、7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:

22、CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X

23、7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:

24、CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2Chapter 21-Leasing 21-4 13.For accounting purposes,which of the f

25、ollowing conditions would automatically cause a lease to be a capital lease?A.The lessee can purchase the asset below fair market value at the end of the lease.B.The lease transfers ownership of the asset to the lessee by the end of the lease.C.The lease term is more than 75%of the assets economic l

26、ife.D.The present value of the lease payments is more than 90%of the assets market value at lease inception.E.All of the above would lead to the lease being considered a capital lease.14.Capital leases would show up on the balance sheet of the firm in which manner for a six year machinery lease wort

27、h$700,000?A.Capital leases do not have to be put on the balance sheet;only financial leases do.B.Asset-Machinery$700,000;Liabilities-Long Term debt$700,000 because of debt displacement.C.Asset-Assets under Capital Lease$700,000;Liabilities-Obligations under Capital Lease$700,000.D.Assets-Assets unde

28、r Capital Lease$700,000;Liabilities-Long Term Debt$700,000 because of debt displacement.E.None of the above.15.Prior to FASB 13,Accounting for Leases,lease activity was only reported in financial footnotes.This off-balance-sheet-financing made firms with:A.capital leases appear financially stronger

29、than firms that used debt to purchase the asset.B.operating leases appear financially stronger than firms that used debt to purchase the asset.C.leases of any type appear financially stronger than firms that used debt to purchase the asset.D.All of the above.E.None of the above.文档编码:CF1D2W7I6X9 HP5M

30、3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文

31、档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M

32、3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文

33、档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M

34、3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文

35、档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M

36、3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2Chapter 21-Leasing 21-5 16.Which of the following is not an implication of FASB 13,Accounting for Leases?A.FASB 13 requires that the PV of the lease payments appear on the right hand side of the balanc

37、e sheet.B.FASB 13 requires that the present value of the asset appear on the left hand side of the balance sheet.C.FASB 13 allows for off-balance-sheet financing for operating leases.D.All of the above.E.None of the above.17.The reason the IRS is most concerned about lease contracts is:A.firms that

38、lease generally pay no taxes.B.that leasing usually leads to bankruptcy.C.that leases can be set up solely to avoid taxes.D.because leasing leads to off-balance-sheet-financing.E.All of the above.18.A lease with high payments early in its life which then decline to termination would:A.provide greate

39、r cash flow to the lessee in the beginning years.B.be evidence of tax avoidance and not acceptable to the IRS.C.be qualified as a capital lease under FASB 13.D.provide a lower residual value and thus ensure a bargain-purchase price option.E.All of the above.19.In valuing the lease versus purchase op

40、tion,the relevant cash flows are the:A.tax shield from depreciation.B.investment outlay for the equipment.C.a decrease in the firms operating costs that are not affected by leasing.D.All of the above are relevant.E.None of the above are relevant.文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6

41、X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7

42、C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6

43、X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7

44、C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6

45、X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7

46、C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6

47、X9 HP5M3F6X7A2 ZS9V7C8L4D2文档编码:CF1D2W7I6X9 HP5M3F6X7A2 ZS9V7C8L4D2Chapter 21-Leasing 21-6 20.The appropriate discount rate for valuing a financial lease is:A.the firms after-tax weighted average cost of capital.B.the after-tax required return on assets of risks similar to the leased asset.C.the afte

48、r-tax cost of secured borrowing.D.Either A or B.E.All of the above.21.The WACC is not used in the lease versus purchase decision because:A.the WACC was used in the decision to acquire the asset,this is only a financing decision.B.the WACC is used only when a lease alone is considered and not a lease

49、 versus purchase.C.the WACC does not include the lease cost of capital and therefore should not be used.D.tax rates of the lessor may be different than the lessee and therefore the WACC is incorrect.E.when a bank arranges a lease they do not consider the lessees cost of capital.22.Firms that use fin

50、ancial leases must consider their debt-to-equity ratios as inadequate measures of financial leverage because:A.lenders are concerned about the firms total liabilities and related cash flow.B.debt displacement occurs with leasing.C.less future debt can be raised for a growing firm when a lease is use

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