Smith 1
Kathy Smith
ACC202
Mr. Jon Backman
03/08/2015
Chapter-15 Lease
Chapter 15 discusses bonds and notes which deals with the different accounting and financial
detail including liabilities, debts that are in contact with the degree of leases. There are two types
of leases which are mostly known. One is operating lease and the other one is known as Capital
lease or finance lease. There is a lot of difference between the subject matter of the two.
Operating lease is just like renting out an asset. It is known as the type of lease which is mostly
