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Compare similarities of the two classification of leases

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Reference no: EM132556028

Question 1: Differentiate or compare similarities of the two classification of leases, finance lease and operating lease. Explain with a short answer.

Question 2: Lease liability and right of use asset are accounts used by the lessee in a finance lease. Are the components used in computing the right of use asset all similar to the components that make up the lease liability? Explain your answer by citing any differences and similarities.

Reference no: EM132556028

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