ACC 541 Week 3 Individual Assignment Response to Client Request I

May 1st, 2015
Studypool Tutor
Price: $5 USD

Tutor description

ACC 541 Week 3 Individual Assignment Response to Client Request I

Word Count: 855
Showing Page: 1/4
Response to Client Request IACC/541MEMORANDUMTO: Consulting SupervisorFROM: Accounting Department DATE: March 5, 2012SUBJECT: Leases and Lease Structure IssuesThis memorandum gives a summary of FASB research results on leases and lease structure issues in relation to what a client wants to know about leases and how long the lease relationship can last. In addition, it gives details on classification of leases and highlights the features of each type of lease.According to FASB, a lease is an agreement that involves transferring the right to use tangible assets from the owner, who is referred to as the lessor, to the lessee (Lee, 2003).Accounting for leases can be categorized into two elements: accounting by the lessor and accounting by the lessee. Lessors report the transfer of rights to use an asset or assets that they own, and lessees are responsible for and disclose payments for rights to use assets that do not belong to them (Lee, 2003). Particular criteria are used to establish whether a lease should be categorized as a capital or operating lease. For lessees, a lease is a financial deal termed as an operating lease if does not

Review from student

Studypool Student
" Thanks for the help. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors