Question: 1. Explain the process of identifying a lease. 2. Explain the general recognition and recognition exemption relating to the accounting for leases by a lessee.

1. Explain the process of identifying a lease.

2. Explain the general recognition and recognition exemption relating to the accounting for leases by a lessee.

3. Explain the lease classifications by a lessor.

4. Explain the indicators of a finance lease.

5. Explain the accounting for finance leases and operating leases by a lessor.

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