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This document defines leasing and the different types of leases. It explains that a lease is a contract between a lessor and lessee where the lessor allows the lessee to use an asset for a set period of time in exchange for regular rental payments. There are two main types of leases: operating leases which are short-term cancellable leases, and financial leases which are long-term non-cancellable leases that transfer substantially all the risks and rewards of asset ownership to the lessee. The document also
- Author
- svpriya233282
- Language
- EN