16. Based on ASC 542, the following can be recognised using "off-balance sheet" accounting Capital Leases greater than 12 months Operating Leases greater than 12 months Any Lease expiring within 12 months d. No leases can be recognized "off-balance sheer 17. During the lifetime of a capital lease, all of the following would be recognized, except: a. Interest b. Rent Net Present Value of Cashflow d. Depreciation 18. Changing from LIFO to Filo would require: a. Prospective Reporting b. Restatement c Retrospective Reporting d. No Disclosure 19. Changing from an Estimated Total Cost to Complete of SIM to $2M would require: a Prospective Reporting b. Restatement . Retrospective Reporting d. No Disclosure 20. Neglecting to post material depreciation expense would require: a. Prospective Reporting b. Restatement C. Retrospective Reporting d. No Disclosure 21. The following is the primary indicator a company is entering the Decline Stage of its lifecycle: a. Positive Financing Cashflow b. Negative Financing Cashflow c. Positive Investing Cashflow d. Negative Investing Casfhlow 22. A decrease in the Employee Wage Payable account from Y1 to Y2 would be reflected as a: Positive Operating Cashflow b. Negative Operating Cashflow c. Positive Investing Cashflow d. Negative Investing Cashflow 23. The Cashflow from Operating Activities will be using the Method. a. Higher, Indirect b. Higher, Direct c. Lower, Indirect d. Exact, Either 24. Material Accounting Policies must be disclosed as: a. Note 1 to the Financial Statements b. In a separately identified section preceding the Notes to the Financial Statement c. Either A or B a