Title and Description Wizard Quiz
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What is the determining factor in classifying a lease as either an operating lease or a finance lease?

  • The length of the lease
  • The form of the contract
  • The location of the underlying asset
  • The substance of the transaction (correct)

    • When is lease classification made?

  • At the end of the lease term
  • At the midpoint of the lease term
  • At the beginning of the lease term (correct)
  • At the discretion of the lessor

    • How is a lease classified as a finance lease?

  • If it transfers some of the risks and rewards incidental to ownership of an underlying asset
  • If it transfers substantially all the risks and rewards incidental to ownership of an underlying asset (correct)
  • If it transfers none of the risks and rewards incidental to ownership of an underlying asset
  • If it transfers all the risks and rewards incidental to ownership of an underlying asset

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