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Review
In this module you have learnt that:
There are several different ways of financing the purchase of an asset.
Operating leases and finance leases are of a different nature, and must be accounted for differently.
Accounting for the acquisition of an asset under a hire purchase agreement follows the substance, rather than the legal form, of the transaction.
Repayments under a hire purchase, or finance lease, agreement must be split into capital and interest elements.