When the rights and responsibilities of ownership are retained by the lessor, the lease is classified as a(n) ______ lease.

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22-07-2022
Social Studies

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When the rights and responsibilities of ownership are retained by the lessor, the lease is classified as a(n) ______ lease.

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smecloudbird17 smecloudbird17 · Answer 1 · 2022-07-29T09:50:20+02:00

When the rights and responsibilities of ownership are retained by the lessor, the lease is classified as an operating lease.

An operating lease refers to a contract which permits the use of an asset without transferring the ownership rights of said asset. In an Operating lease contract the owner is called the Lessor who permits the user called the Lesse, to use of an asset for a particular period.

An operating lease is a lease that allows the borrowing party to keep its leased asset out of its accounting balance sheet, and pay rent on it. Thus, the leased asset is not capitalized.

For instance, common assets which are leased include automobiles, real estate, aircraft, or heavy equipment etc.

To learn more about the operating lease here:

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