Operating lease kind of like Expensing an asset?

CFA Level I
#1

For the first year, is operating lease classification on F/S just like classification of expensing an asset rather than capitalizing it? i.e. Asset (cash) down, Equity down (due to the expense) Is this one very crude way to look at it, or am I confusing myself? Thank you!

#2

For the most part, yes. Debit to rent expense (or some similar line item), credit to cash.

#3

thanks