An operating lease is noncancelable and obligates the lessee to make payments for the use of an asset over a predefined period of time.

Name: An operating lease is noncancelable and obligates the lessee to make payments for the use of an asset over a predefined period of time.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

An operating lease is cancelable at any time by the lessee with proper notice, and does not obligate the lessee to make payments for the entire useful life of the asset.

An Operating Lease Is Noncancelable and Obligates the Lessee to Make