Examlex
Organization and operation controls address risks related to the authorization, completeness, and accuracy of transactions.
Economic Life
The estimated period over which an asset is expected to be economically usable, both for its original purpose or for other purposes.
Bargain Purchase Option
An option in a lease agreement that allows the lessee to purchase the leased asset at the end of the lease term at a price significantly lower than the expected fair market value.
Lease Term
The fixed, non-cancellable period of time for which a lease is agreed upon between the lessee and the lessor.
GAAP
Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting.
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