A lessee is the receiver of the services of the assets under a lease whereas a lessor is the owner of the assets that are being leased.

Question

Quizplus · Accepted Answer

This statement defines the basic difference between a lessee and a lessor. A lessee is the one who is using the assets or services for which he has taken the lease, and a lessor is the owner of the assets that have been leased to the lessee.

A Lessee Is the Receiver of the Services of the Assets