Leases that do not fall under the categories of short-term leases or contracts that transfer ownership are accounted for as what?

Leases that do not qualify as short-term leases or as contracts that transfer ownership are accounted for as a capital acquisition consistent with accounting principles for the applicable fund type. This is due to the fact that these leases generally involve the right to use an asset over a longer term, effectively resulting in the recognition of the asset and the corresponding liability on the balance sheet.

In this context, all costs associated with leasing the asset are capitalized, aligning with the treatment of owned assets. This capitalization reflects the long-term nature of the agreements, which obligate the lessee to make payments over the lease term, thus representing not merely an expense but an investment in the use of the leased asset. This aligns with the principle of matching costs with the benefits derived from the asset, leading to a more accurate portrayal of the financial position of the entity.

The other concepts, while they might pertain to different forms of leasing, do not accurately reflect the accounting treatment required for such leases that fall outside the definitions of short-term or ownership-transfer leases.