Lease expense accounting represents the ongoing costs associated with the leasing of an asset over its predetermined usage period. This involves keeping track of expenses related to the lease, such as rent payments and taxes, as well as accounting for potential deductions or tax credits. The goal of lease expense accounting is to accurately record the financial value of a leased asset in order to make sound decisions when evaluating whether leasing makes sense from a business perspective. By understanding the true cost of leasing, businesses can gain a competitive edge by making more informed and cost-effective decisions.