FAR Exam Mnemonic for Capital Leases

TTBPO 75 or 90! Roger Philipp, CPA, CGMA, is known for this mnemonic. Do you know it yet? Sing it with him and learn all about capital leases in this lesson as you prepare for the FAR Exam.

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Video Transcript Sneak Peek:

All right, we’re on a roll now, let’s continue talking about leases. It says here capital lease. Now this is from the lessee standpoint not the lessor but the lessee, the person who is leasing the asset from the lessor. Now, in a capital lease, we just talked about operating, true rental, here in a capital lease, really it’s substance over form, and substance is really like you’re buying the asset, even though in form, it looks like just a rental.