QUESTION 45 Distinguishing between operating and capital leases is due in large part to the accounting concept of: O Conservatism. Materiality. Substance over form. Historical cost. QUESTION 46 Universal Travel Inc. borrowed $500,000 on November 1, 2016, and signed a 12-month note bearing interest at 6%. Interest is payab October 31, 2017. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2016, in the ama O $8,000. O $30,000. O $5,000. $25,000. QUESTION 47 For the lessor to account for a lease as a capital lease, the lease must meet: Any one of first four classification criteria and both of the last two additional conditions specified by GAAP regarding accounti Any one of the six criteria specified by GAAP regarding accounting for leases, All four of the criteria specified by GAAP regarding accounting for leases. Any one of the four criteria specified by GAAP regarding accounting for leases