Question: Answer the following. What is leasing? Differentiate between the three types of leasing. What are the criteria to decide the leasing as Financial Lease or

Answer the following.

  1. What is leasing?
  2. Differentiate between the three types of leasing.
  3. What are the criteria to decide the leasing as Financial Lease or Service Lease?
  4. Create a dummy Balance Sheet of your own with dummy values of Assets and Liabilities and show the accounting treatment of operating and financial leases with brief explanation of each.

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