When a Lease Is Assigned, the Assignee Becomes the Sole

question 49

True/False

When a lease is assigned, the assignee becomes the sole obligor for rent payments, and the original lessee is discharged from the lease.

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Definitions:

Internal Controls

Processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Non-Inventory Items

Goods or services that a company buys or sells but does not track quantities of, such as supplies or consulting services.

QBO

Stands for QuickBooks Online, a cloud-based accounting software designed for small to medium-sized businesses.

Accounting Records

Documents and ledgers that capture all the financial transactions of a business, serving as a foundation for financial reporting.