When the lessee is allowed to exchange equipment leased out whenever the original asset has to be sent to the lessor for some repair or maintenance, such type of lease is called _____.

Related MCQs

• The entire lease rental is treated as........ in the books of lessor
• In ----------leasing, maintenance expenses and taxes are born by the lessee
• Leased asset is shown in the balance sheet of..................
• Who can claim investment allowance in relation to leased asset?
• Equipment lease transaction is treated as contract of............
• In.............., lessor fulfils financing function
• In................., Lessor fulfils servicing function
• In ----------leasing, the risk of obsolescence is assumed by the lessee
• A very long tenure lease applicable to immovable properties is ____________.
• ----------- is a tripartite lease arrangement