Prepare for the worst case scenario. I'd be doing you a disservice to tell you not to study something in great depth because you might not get any questions on it. There is no pattern. No rhyme or reason. My exam was entirely different than your exam will be.
What I can tell you is my strategy for dealing with lease questions.
1. What is the question asking for? (I always looked for this first. It helps you pick out the relevant info in the fact pattern vs. the stuff that doesn't matter.)
2. Determine if you are answering from the lessee's perspective or the lessor's.
3. Determine if it's a capital or operating lease. (Know the criteria. Period.)
4. Determine if you're dealing with an ordinary annuity or an annuity due.
5. Determine what interest rate you're using (implicit vs. borrower's incremental rate).
6. Determine what time period you're dealing with. (A half year, a month, the 3rd year of a 5 year lease term, etc.)
7. Know the journal entry(ies) you would use to record lease transactions.
If you can do all these things, you should be able to answer nearly any question you get about leases. Get into the habit of quickly figuring out these details when you see a lease question.
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