0
What else can I help you with?
What is the difference between operating lease and financial lease?
A finance lease is a form of financing that transfers substantially all the risks and rewards incidental to ownership over a leased asset from the lessor to the lessee. By signing the contract and delivering the leased asset, the lessor transfers economic ownership over the leased asset, while legal ownership is transferred only upon the expiration of lease, on payment of the final instalment. In a finance lease, the lessee uses the leased asset for most of its lifecycle, as with loans.An operating lease is a lease whereby all the risks and rewards incidental to ownership over the leased asset remain with the lessor. In this case, the lessor retains the economic and legal ownership over the leased asset, while the lessee has only right of use. Upon the expiration of contract, the leased asset is returned to the lessor. Under an operating lease, the lessee uses the leased asset for less than its useful life.
Is a house considered an asset?
Yes, a house is considered an asset because it has value and can be used to generate wealth or income.
Is a house with a mortgage considered an asset?
Yes, a house with a mortgage is considered an asset because it has value and can be sold for a profit.
Is it possible for me to sell my leased vehicle before the end of the lease term?
Yes, it is possible to sell a leased vehicle before the end of the lease term, but there are some factors to consider such as the buyout amount, early termination fees, and the agreement with the leasing company.
What is asset impairment?
Asset impairment is a financial term. When the projected worth of the asset is less than its current worth, the asset is considered to be impaired.
What is the difference between operating lease and financial lease?
A finance lease is a form of financing that transfers substantially all the risks and rewards incidental to ownership over a leased asset from the lessor to the lessee. By signing the contract and delivering the leased asset, the lessor transfers economic ownership over the leased asset, while legal ownership is transferred only upon the expiration of lease, on payment of the final instalment. In a finance lease, the lessee uses the leased asset for most of its lifecycle, as with loans.An operating lease is a lease whereby all the risks and rewards incidental to ownership over the leased asset remain with the lessor. In this case, the lessor retains the economic and legal ownership over the leased asset, while the lessee has only right of use. Upon the expiration of contract, the leased asset is returned to the lessor. Under an operating lease, the lessee uses the leased asset for less than its useful life.
When is an asset not an asset?
There are many things which could be considered an asset to a company that are not reflected on the company's Balance Shhet as an asset. For example: qualified, competent employees; reputation; the ability to be innovative; superior policies and procedures; excellent management, etc. Also, a business could be using assets which are not listed on their balance sheet such as leased property or equipment.
Can you return a leased vehicle after one day?
why not.
Can a teen drive a leased vehicle?
No They Cannot.
Is a motor vehicle an asset or liability?
asset
In the event of a death is a vehicle owned by the decedent considered an asset of the estate?
If solely owned by the decedent, yes.
What is a sales agreement?
A sale lease agreement states an owner of an asset sells said asset to another party. The asset is been leased by the previous owner so he or she can continue to utilize the asset, though they no longer own it.
What is capitalized lease obligations?
Capitalized lease obligations refer to lease agreements where the lessee records the leased asset as a capital lease on their financial statements. This means the lessee treats the leased asset as if it were purchased with a loan, and includes the lease payments as both an asset and a liability on their balance sheet.
What is a Sale lease agreement?
A sale lease agreement states an owner of an asset sells said asset to another party. The asset is been leased by the previous owner so he or she can continue to utilize the asset, though they no longer own it.
What is off-balance sheet?
Off-Balance Sheet refers to assets and liabilities which are not reflected on the Balance Sheet. The most common would be leased equipment or property. A leased vehicle, for example, is not owned by the company - so the monthly payments are reflected as Auto Expense, but there is no vehicle included as a fixed asset, no Accumulated Depreciation and no Loan Payable. Lease obligations are generally disclosed in notes to the financial statements.
Is leased land exempt from probate procedure?
The contract is an asset of the estate and is going to be subject to the probate procedure.
Can a leased vehicle be reported as stolen for nonpayment?
Yes. If the person who is on the lease actively attempts to leave the state or region of the country AND it is proven they attempted to HIDE the vehicle, then some states allow the owner of the asset to declare it as stolen and it may be on the BOLO list for police in your new local area.
