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Researching Presto's Industry Recall Presto Hospitality, the (fictitious) concessions company introduced in this chapter. Assume that you have just been assigned to work on the Presto audit team, but you do not have prior experince in this industry. You need to do little homework before the engagement begins.
Presto Hospitality-Research Questions
1. a. List the research questions that Presto would need to evaluate to determine whether its concession agree- ment is a lease.
b. Next, list the research questions that would result if Presto were to determine the arrangement is a lease.
c. Finally, list the research questions that would result if Presto were to determine the arrangement is not a lease.
2. Stop and think: What accounting treatment do you think is likely to be most appropriate?
3. What are some of the implications of the different alternatives that you identified (such as in your list of research questiions?)
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