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Piaget puts the elementary school child in the stage of
Executory Costs
Costs related to the unperformed obligations under a lease, typically including insurance, maintenance, and taxes.
Minimum Lease Payments
The lowest amount that a lessee is obligated to pay over the lease term for the right to use an asset.
Rental Payments
Periodic payments made by a lessee to a lessor for the use of a property, vehicle, or equipment.
Capital Lease
A leasing arrangement that allows a lessee to record the leased asset as their own in their financial statements because it effectively transfers nearly all risks and rewards of ownership.
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