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
" Top quality work from this guy! I'll be back! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1827 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