Leases of Short-Term Assets Are Operating Leases,and Leases of Long-Term

question 77

True/False

Leases of short-term assets are operating leases,and leases of long-term assets are capital leases.

---

Definitions:

Security Interest

A legal claim or lien on property as collateral for the repayment of a debt, securing an interest in the property for the creditor.

UCC Article 9

A provision of the Uniform Commercial Code dealing with secured transactions, including the assignment of security interests in personal property.

Contract Rights

Legal entitlements derived from agreements between parties, which outline obligations, benefits, and conditions agreed upon.

Assignable

Capable of being transferred or made over to the legal control of another party, commonly referring to rights or property under contract.