Which of the following terms is associated with the assets subject to leasing arrangements?

The term "underlying asset" is associated with assets subject to leasing arrangements because it specifically refers to the asset that is leased out to a lessee in a leasing agreement. Essentially, the underlying asset is the property, equipment, or any other asset which is being leased and is central to the financial reporting and valuation of leases.

In the context of leasing, the underlying asset is pivotal for determining the terms of the lease, the responsibilities of both the lessor and lessee, and how the lease is recorded in financial statements. It directly relates to the economic benefits derived from the asset over time, which are crucial for both parties in a lease agreement. This term is integral in discussions regarding lease classification and the accounting treatment associated with both operating and finance leases.

The other terms do not specifically define assets in the leasing context. For instance, "sub-leased assets" would refer to assets that are leased out by a lessee to another party, creating a secondary leasing arrangement rather than focusing on the primary lease. "Investment asset" generally relates to assets held for investment purposes and does not specifically denote leased assets. "Potential asset" is a broader term that lacks specificity regarding the leasing arrangements and does not commonly appear in the context of lease accounting