Question

a lessor multiple choice question. has physical control of the leased asset during the lease. obtains a right-of-use asset through a lease. normally transfers ownership of the asset to the lessee at the end of the lease. pays rent to the lessee. holds legal title to the leased asset during the lease.

Answer 1

Any one of the four criteria specified by GAAP regarding accounting for leases.

What do you mean by leased asset?

An asset that is now leased is the equipment (personal property) or real estate (real property) that is the subject of a lease.

Leasing is generally allowed for any identifiably located, material, and non-consumable asset to which title may be held.

Leasing is often categorized as either equipment leasing, which includes the leasing of automobiles, or real estate leasing depending on the type of asset leased.

The form of the contractual relationship between the owner and user of the leased assets determines the accounting and tax treatment of equipment leasing.

Leasing methods and classification for tax and accounting purposes differ greatly from nation to nation and are mostly influenced by the legal, tax, accounting, and regulatory standards of the respective country.

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