All of the following statements regarding leases are true except _______.
Multiple Choice:
A) For a finance lease, the lessee records the leased item as its own asset.
B) For a finance lease, the lessee amortizes the right-of-use asset acquired under the lease.
C) Finance leases create a liability on the balance sheet.
D) Finance leases do not transfer ownership of the asset under the lease, but operating leases often do.
E) For a short-term lease of a few days or weeks, the lessee records payments as rental expense.

All of the following statements regarding leases are true except finance leases do not transfer ownership of the asset under the lease, but operating leases often do. Thus, option (d) is correct.

What is finance?

Finance includes borrowing money to go through tough times, saving money, and investing money. Finance is the provision of funds for credit against anything. Personal, public, and business finance are the three different categories.

Capital leases and finance leases are both common terms for the same thing. The duration of long-term leases is usually anticipated. When the operating lease expires, the leasing firm will return the asset.

Therefore, option (d) is correct.

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