Asked by Mathew Temisan on Apr 25, 2024
Verified
A leasehold is:
A) A short-term rental agreement.
B) The same as a patent.
C) The rights granted to the lessee by the lessor of a lease.
D) Recorded as revenue expenditure when paid.
E) An asset held as an investment.
Leasehold
An interest in land or property which is held on a lease.
Lessor
A person or entity that rents out property or equipment to another party, known as the lessee, under the terms of a lease agreement.
Lessee
A person or entity that leases or rents property or equipment from another, known as the lessor.
- Identify the types and characteristics of leases and leasehold improvements.
Verified Answer
YA
Yaretzy AGUILAR8 days ago
Final Answer :
C
Explanation :
A leasehold is the rights granted to the lessee (the person or entity leasing the property) by the lessor (the owner of the property) of a lease. It is a form of property interest that grants the lessee the right to occupy and use the property for a specified period of time, but ownership remains with the lessor.
Learning Objectives
- Identify the types and characteristics of leases and leasehold improvements.