Question
Which of the following must be met for there to be a lease of an asset? a. The asset is explicitly identified in the contract.
Which of the following must be met for there to be a lease of an asset?
a. The asset is explicitly identified in the contract.
b. The asset is identified in the contract, either implicitly or explicitly.
c. The customer has the right to use the asset.
d. The contract has a term of at least 12 months.
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Managerial Accounting Decision Making and Performance Management
Authors: Ray Proctor
4th edition
273764489, 978-0273764489
