Clfp terms - Study guides, Class notes & Summaries

CLFP EXAM - Equipment Lease and Financing Documentation 2024 Questions & Answers | 100% Correct | Verified What is a Lease a document? - A lease is a basic document by which a lessor agrees to provide equipment or other personal property or rights to a lessees in return for rental payments. What are Lease Exhibits document? - Also referred to a "schedules" are used if the description of lease property is too lengthy to fit into the space allotted on the lease. Often wise to have le...

CLFP EXAM - Financial and Tax Accounting for Leases | 100% Correct Answers | Verified | Latest 2024 Version What is a primary goal of the accounting profession? - Consistent treatment of like transactions to allow clarity in presentation and consistency in interpretation of financial statements prepared by various individuals or entities. How did APB (Accounting Principals Board) fail? - Created Opinion #5 (Reporting of Leases in Financial Statements of Lessees) and Opinion #7 (Acco...

CLFP EXAM - Equipment Lease and Financing Documentation | 100% Correct Answers | Verified | Latest 2024 Version What is a Lease a document? - A lease is a basic document by which a lessor agrees to provide equipment or other personal property or rights to a lessees in return for rental payments. What are Lease Exhibits document? - Also referred to a "schedules" are used if the description of lease property is too lengthy to fit into the space allotted on the lease. Often wise to ha...

CLFP EXAM - Leasing Law 2024 Questions & Answers | 100% Correct | Verified What is Statutory Law? - Includes law enacted by legislative bodies such as state legislatures and US Congress. The Uniform Commercial Code or "UCC" is a body of the state statutory law. What is Regulatory Law? - Consists of regulations adopted by public bodies. Examples of regulatory law are regulations issued by the Internal Revenue Service (IRS) or the Securities Exchange Commission (SEC). Generally regul...

CLFP EXAM - Leasing Law | 100% Correct Answers | Verified | Latest 2024 Version What is Statutory Law? - Includes law enacted by legislative bodies such as state legislatures and US Congress. The Uniform Commercial Code or "UCC" is a body of the state statutory law. What is Regulatory Law? - Consists of regulations adopted by public bodies. Examples of regulatory law are regulations issued by the Internal Revenue Service (IRS) or the Securities Exchange Commission (SEC). Generally regu...

CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide | Questions With Verified Answers 2024 What is a primary goal of the accounting profession? Correct Answer Consistent treatment of like transactions to allow clarity in presentation and consistency in interpretation of financial statements prepared by various individuals or entities. How did APB (Accounting Principals Board) fail? Correct Answer Created Opinion #5 (Reporting of Leases in Financial Statements of Lessees) ...

CLFP EXAM - Equipment Lease and Financing Documentation 2024 Questions & Answers | 100% Correct | Verified What is a Lease a document? - A lease is a basic document by which a lessor agrees to provide equipment or other personal property or rights to a lessees in return for rental payments. What are Lease Exhibits document? - Also referred to a "schedules" are used if the description of lease property is too lengthy to fit into the space allotted on the lease. Often wise to have lessee i...

CLFP EXAM - Financial and Tax Accounting for Leases | 100% Correct Answers | Verified | Latest 2024 Version What is a primary goal of the accounting profession? - Consistent treatment of like transactions to allow clarity in presentation and consistency in interpretation of financial statements prepared by various individuals or entities. How did APB (Accounting Principals Board) fail? - Created Opinion #5 (Reporting of Leases in Financial Statements of Lessees) and Opinion #7 (Accounting...

CLFP-CLASS REVIEW STUDY GUIDE ACTUAL EXAM TEST BANK 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH EXPLANATIONS| ALREADY GRADED A+ Why Equipment Financing is Popular - Answer-1. Psychology of use preference over ownership 2. Obsolescence and inflation hedge 3. Affordability to lessee 4. Tax advantages to lessors and lessees 5. Diversification of financing sources 6. Conservation of working capital 7. off-balance sheet financing 8. Profitable experience of the leasing industry 9...

Equipment Lease A transaction in which use and posession but not title to tangible property, is transfered for consideration. Section 38 Property IRS (tax) defines personal property that can be leased as depreciable property. Third Party Leasing Unrelated Maufacturer, Dealer or Broker, the independent lessor and the lessee. Balance sheet (Op Lease) Includes Assets C ash A sset T otal assets Liabilities S ecurity deposit E quity T otal liabilities Income...