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Which one of the following statements is correct concerning an operating lease? Multiple Choice The leased asset will have a significant residual value at the
Which one of the following statements is correct concerning an operating lease?
Multiple Choice
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The leased asset will have a significant residual value at the end of the lease term.
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The lease will be recorded as a capital lease on the balance sheet of the lessee.
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The lessor can terminate the lease at any time without penalty.
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The lease term is generally equal to the economic life of the leased asset.
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The lessee is responsible for the maintenance and insurance related to the leased asset.
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