A lease transfers the right to use an identified asset for a period of time in exchange for rental payments.

Name: A lease transfers the right to use an identified asset for a period of time in exchange for rental payments.
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A lease is a contractual agreement where the lessor (owner) allows the lessee (user) to use an identified asset for a specific period of time in exchange for rental payments, transferring the right to use the asset without transferring ownership.

A Lease Transfers the Right to Use an Identified Asset