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A lease is a contractual agreement between a lessor and a lessee whereby the lessor (owner) provides the lessee (user) the right to use an asset for a certain period of time, in return of compensation, usually in the form of specified, periodic cash payments for the duration of the lease. A typical lease transaction is the rental of office space. Usually, in such a lease, the lessor retains ownership of the asset. Leases of this type are referred to as operating leases. Leases whereby the sa

Why is accounting often referred to as the “language of business”? Accounting is often called the “language of business” because it provides a means of communicating financial information to different parties. (Wild, 2005) These parties include almost all stakeholders of a business such as shareholders, lenders (creditors), suppliers, employees, customers, auditors, labor unions, government agencies and regulating bodies. Accounting gives a clear picture of the performance of an organiz

Your last name 1. The success of a business depends largely on its accounting. The role of Accounting in a business can be compared to the role the vertebral column in an organism. It is the spine, the backbone of every business. When well handled, it keeps the business profitable. Like every other professional field, professional accounting is governed by a set of principles which guide the accountant in the performance of his/her task(s). These principles are inscribed in the context of a co