Question

Under the lease agreement, the lessee gets the right to

(a) Share profits earned by the lessor

(b) Participate in the management of the organisation

(c) Use the asset for a specific period

(d) Sell the assets

Answer 1

A lease agreement is an agreement between two parties by which the owner of an asset grants the right to another party to use it in return for a periodic payment. Therefore, under a lease agreement, the lessee gets the right to use the asset of the lessor for a specific period.

Hence, the correct answer is option (c).