A long-term lease that cannot be cancelled and that transfers virtually all the rewards and risks of ownership to the lessee is called:

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A long-term lease that transfers almost all the rewards and risks of ownership to the lessee is known as a finance lease. In this form of lease, the lessee has virtually taken ownership of the asset, and the lessor serves as a source of financing rather than a true owner. The lessee is usually responsible for maintaining and insuring the asset, with the option to purchase it at the end of the lease term at a nominal price. It cannot be cancelled easily as it's a long-term agreement.

A Long-Term Lease That Cannot Be Cancelled and That Transfers