What does an Operating Lease primarily transfer to the lessee?

An Operating Lease primarily transfers the right to use the property to the lessee. This type of lease arrangement does not confer ownership rights of the asset to the lessee. Instead, it allows the lessee to utilize the asset for a specific period while keeping the ownership with the lessor. The lessee benefits from use of the asset without the associated financial burden or risks tied to ownership, such as depreciation or the potential for obsolescence.

In an operating lease, maintenance responsibilities and liabilities may be defined in the lease agreement, but the main focus is on granting access and the ability to use the property rather than transferring ownership. Therefore, option A accurately captures the essence of what is fundamentally provided in an operating lease arrangement.