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GAAP requires that some lease agreements be accounted for as purchases of assets. The theoretical justification for this treatment is that a lease of this

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GAAP requires that some lease agreements be accounted for as purchases of assets. The theoretical justification for this treatment is that a lease of this type: * Reflects the relationship of cause and effect. * Conveys most of the benefits of property ownership * Satisfies the concept of historical cost. * Complies with the concept of form over substance

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