Classify the following into either operating or finance lease: Economic life of the asset is 7 years, lease term is 6 years, but asset is not acquired at the end of the lease term.
CS Executive · Company Accounts & Auditing Practices · PYQS · June 2021
Classify the following into either operating or finance lease: Economic life of the asset is 7 years, lease term is 6 years, but asset is not acquired at the end of the lease term.
Answer & Explanation:
Finance lease
Topics: Accounting Standards
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