Although Operating Leases Are NOT Recorded on the Balance Sheet

question 26

Short Answer

Although operating leases are NOT recorded on the balance sheet by the lessee,they are disclosed in the ____________________.

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Definitions:

Statutory Assignment

An assignment of rights that an assignee may enforce if certain conditions are met by the assignment.

Equitable Assignment

An assignment that could be enforced if all parties could be brought before the court.

Constructive Trust

An equitable remedy that imposes a trust-like obligation on someone who has wrongfully obtained or holds legal property rights.

Full Release

A legal agreement in which one party permanently relinquishes all claims against another.