1. Describe the characteristics and advantages of leases.
2. Explain the differences between an operating lease and a capital lease for the lessee.
3. Determine the rental payment for a lease.
4. Account for an operating lease as the lessee. 
5. Account for a capital lease as the lessee.
6. Explain how operating and capital leases affect a lessee's cash flow.
7. Explain the differences between an operating lease, a direct financing lease, and a sales-type lease for the lessor.
8. Account for an operating lease as the lessor.
9. Account for a direct financing lease as the lessor.
10. Account for a sales-type lease as the lessor.