One Common Characteristic of Open-End Leases Is That

question 93

Multiple Choice

One common characteristic of open-end leases is that

• A)the length of the lease may be automatically extended by the lessee.
• B)the total cost of the lease remains unknown until the end of the leasing period.
• C)the monthly payments are variable and open-ended.
• D)all of the above are common characteristics of open-end leases.

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Definitions:

Annual Payment

A payment made once a year for a particular commitment or service.

Accumulated Capital

The total value of all capital assets owned by an entity after depreciation and amortization.

Periodic Payment

A repeated payment made at regular intervals, such as monthly or annually.

Ordinary Annuity

An annuity in which payments are made at the end of each period, such as yearly, monthly, or quarterly.