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What phenomenon does continental drift explain?
Operating Leases
Operating leases are contractual agreements in which the lessee pays to use an asset for a specific period without gaining ownership, typically used for equipment and vehicles.
Capitalize
The accounting practice of recording a cost/expense as an asset, rather than an expenditure, thereby extending the recognition of its financial impact over the useful life of the asset.
Long-Term Liabilities
Financial obligations of a business that are due for repayment beyond the current fiscal year, including bonds payable, long-term loans, and lease obligations.
Current Liabilities
Financial obligations that a company is expected to pay within one year, including accounts payable, short-term loans, and other similar debts.
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