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An operating lease is relatively short term in length and is cancelable with proper notice. The term of
this type of lease is shorter than the assets economic life. Operating leases for instance may
include the leasing of copying machines certain computer hardware and word processors.
A financial lease is long term in nature and is non cancelable. The
lessee is obligated to make lease payments until the lease term expires which approaches the
useful life of the asset. Capital leases are commonly used for leasing land, buildings and big
equipment.
NatalieR answered the question on February 9, 2022 at 08:44
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