美國CPA模擬習題：商業(yè)票據(jù) 擔保交易 擔保及債權(quán)人權(quán)利（三）

為了幫助參加2014年美國cpa考試的學員鞏固知識，提高備考效果，正保會計網(wǎng)校特為大家整理了美國cpa考試模擬試題，幫助廣大考生一起學習一起進步。

Cott,Inc.prepared an interest amortization table for a five-year lease payable with a bargain purchase option of $2,000,exercisable at the end of the lease.At the end of the five years,the balance in the leases payable column of the spreadsheet was zero.Cott has asked Grant,CPA,to review the spreadsheet to determine the error.Only one error was made on the spreadsheet. Which of the following statements represents the best explanation for this error?

a.The beginning present value of the lease did not include the present value of the bargain purchase option.

b.Cott subtracted the annual interest amount from the lease payable balance instead of adding it.

c.Cott discounted the annual payments as an ordinary annuity,when the payments actually occurred at the beginning of each period.

d.The present value of the bargain purchase option was subtracted from the present value of the annual payments.

Explanation

Choice"a"is correct.Cott,Inc.made the error of not including the present value of the bargain purchase option in the beginning present value of the lease that it used on the schedule.A bargain purchase option payment is included as part of the minimum lease payments to be discounted to the date of inception of the lease because it is a future cash flow that is considered certain.When the spreadsheet showed zero at the bottom,Cott,Inc.still was required to make the bargain purchase option payment of $2,000,yet there was no liability left on the books to pay.The $2,000 should have been capitalized as part of the cost of the equipment (or whatever was purchased under the capital lease).

Choice"b"is incorrect.Interest is neither subtracted nor added to the lease payable balance,which is maintained at the present value (or carrying value) of the lease.Interest is in a separate column on the spreadsheet for the effective interest method calculation.

Choice"d"is incorrect.If the present value of the bargain purchase option were subtracted from the present value of the annual payments,the balance could not have been zero at the end of five years,it would have been a debit balance (i.e.,negative).

Choice"c"is incorrect.This option would have caused the amount capitalized at the lease inception to be lower than it should have been (i.e.,the present value of an ordinary annuity for the same interest rate and amount of payments is lower than the present value of an annuity due).However,the schedule would not have become zero at the end because the interest calculation would have been based on the date of payment,which was not consistent with the method of discounting used to produce the schedule.