Question $6$

In an operating lease the agreement would results in purchasing the asset by the lessee.

The answer is

True or False

Question $7$

A lessor$$s gross income in finance lease is calculated as the sum of the minimum lease payments plus any residual value payable on the lease.

The answer is

True or false

Question $8$

An underlying asset not considered an identified asset if the suppliers substitution right not substantive.

The answer is

True or False

Question $9$

Lease equipment reduces the risk of obsolescence to the lessee and passes the risk to the lessor.

The answer is

True or False

Question $10$

If the lessor is not a manufacturer or dealer, the asset sold under a finance lease will not be included in Inventory.

The answer is

True or False