Examlex
The major accounting difference between a finance lease and an operating lease is that finance leases:
Footing
Footing is the process of summing up the numerical values in an accounting column to determine the total, typically as a preliminary step in the preparation of financial statements.
Normal Debit Balance
The expected balance type of an account that is increased by a debit, typical for assets, expenses, and losses.
Withdrawals
Money taken out from a bank account, or the act of taking out funds from a business by its owners for personal use.
Expenses
Outflows or other uses of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations.
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