1. Discuss important asset accounts, liability accounts and equity accounts.
2. Explain the nature, economic substance, and advantages of lease transactions.
3. Describe the accounting criteria and procedures for capitalizing leases by the lessee.
4. Contrast the operating and capitalization methods of recording leases.
5. Explain the accounting for long-term notes payable.
6. Key similarities and differences between GAAP and IFRS related to the accounting for leases