Final answer:
It is true that in an operating lease, the lessee gets the right to use an asset for only a limited time without ownership. Operating leases offer flexibility and are common for assets that need frequent updating.
Step-by-step explanation:
The statement that in an operating lease, the lessee acquires the right to use an asset for only a limited period of time is true. An operating lease is a contractual agreement where the lessee pays for the use of an asset without obtaining ownership rights, typically for a period shorter than the asset's useful life. On the other hand, a capital lease (or finance lease) is more like a long-term commitment that often leads to the lessee gaining ownership at the end of the lease term.
For businesses, operating leases are useful for equipment or property that may be updated or replaced frequently, such as company vehicles, computer systems, or machinery. This type of lease provides flexibility and reduces the long-term risk of obsolescence for the lessee.