Which of the following statements is FALSE?

a. At the end of the contract term, the lessor always retains ownership of the asset.

b. The lessor is the owner of the asset, who is entitled to the lease payments in exchange for lending the asset.

c. A lease is a contract between two parties: the lessee and the lessor.

d. Most leases involve little or no upfront payment.

Answer rating: 100% (QA)

Answer Explanation Minimum lease payments are rental payments o... View the full answer