pters 9, 11 & 12 Which of the following correctly describes the accounting for leases? Multiple Choice ) There are eight criteria used to establish whether the lessor maintains effective control of the leased asset. 0 Alease A lease asset and a lease liability are initially recognized for both a capital lease and an operating lease. If none of the criteria used to establish whether the lessor maintains effective control of the leased asset are met then the lease is classified as a capital lease o The amount recorded as a lease asset and a lease liability is the sum of the required future lease payments