Question: Knowledge Check 01 Match the term and the definition. 1. 2. Lessee has, in substance, purchased the lease asset Lessor transfers control of lease asset

Knowledge Check 01 Match the term and the definition. 1. 2. Lessee has, in substance, purchased the lease asset Lessor transfers control of lease asset to lessee, with or without a seling profit on the sale of the asset Fundamental rights and responsibilities of ownership are retained by the lessor and the lessee merely is using the asset temporarily 3. Finance leases Operating lease Sales-type lease

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