Leasing relates to a contract between a lessor and a lessee for hire of a specific asset selected from a manufacturer or vendor of such assets by the lessee. The lessor has ownership of the assets. The lessee has possession of the asset on payment of specified lease rentals over a period. (See also finance lease and operating lease)


reference: Business Studies / Accounting. Accounts & Finance Glossary. Jim Riley BA(Hons) MBA FCA // tutor2u