LESSEE Definition

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LESSEE is the party to whom the possession of specified property has been conveyed for a period of time in return for rental payments.

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EXCEPT FOR is a qualified opinion. An auditor can qualify the audit opinion for both departures from U.S. GAAP in the financial statements and restrictions on the scope of the audit. The opinion paragraph of the qualified report is worded "In our opinion, except for..."

NPPE is Net Property, Plant and Equipment.

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