Leasing

Leasing relates to a contract between a lessor and a lessee for hire of a specific asset selected from a manufacturer or vendor of such assets by the lessee. The lessor has ownership of the assets. The lessee has possession of the asset on payment of specified lease rentals over a period. (See also finance lease and operating lease)

 

reference: Business Studies / Accounting. Accounts & Finance Glossary. Jim Riley BA(Hons) MBA FCA // tutor2u

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