Asked by
Karen Littleman
on Nov 07, 2024
Verified
A characteristic of an operating lease is that the lessee maintains the asset.
Operating Lease
A contract that allows for the use of an asset but does not transfer ownership rights of the asset.
Maintains
The act of keeping equipment, systems, or processes in a state of effectiveness or efficiency through regular upkeep and repairs.
- Understand the obligations for upkeep across various lease agreements.
Verified Answer
VK
Learning Objectives
- Understand the obligations for upkeep across various lease agreements.