Which is the best definition of an operating lease?

A) lease used to acquire equipment on a short-term basis that may contain a cancellation clause

B) a lease where the lessee transfers substantially all risks and benefits of ownership to the lessor at the end of the lease period

C) a lease where the lessor transfers substantially all risks and benefits of ownership to the lessee at the end of the lease period

D) a lease where the lessee records the asset on the balance sheet as a fixed asset and the obligation as a liability