Clfp terms - Study guides, Class notes & Summaries

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 regula...

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 regulatory ...

CLFP Exam - Credit Process and Financial Statement What applicant attributes are you trying to learn about when underwriting a deal? - Correct answer-1.) The desire to repay the debt 2.) the financial ability to make payments 3.) The reserves to withstand unexpected setbacks What are the four (4) C's of Credit? - Correct answer-1.) Character: the desire to pay back debt 2.) Cash Flow: Ability to make payments 3.) Capital: Ability to withstand setbacks 4.) Collateral: Ability to liquid...

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 have les...

CLFP EXAM - Leasing Law What is Statutory Law? - Correct answer-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? - Correct answer-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 regulatory laws are not binding...

What information is reported on the income statement? Its a presentation of revenues and expenses for a specific time period (month, quarter, year). What information is reported on the statement of cash flows? It shows cash receipts and payments during a specific period and includes non-cash expenses like depreciation and amortization. Equation for cash flow [net income + non-cash expense (depreciation/amortization) + non-cash income] - net working capital (current assets - curr...

CLFP EXAM - Classification & Terminology in Leasing Helps avoid tax abuse by defining what is not a lease for tax purposes. - Correct Answer-What is significant about IRS Revenue Ruling 55-540? Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a lease for tax purposes? - Correct Answer-1). Any portion of the periodic payment is equity, 2.) lessee automatically acquires title upon making scheduled payments 3.) the total amount, which a less...

CLFP EXAM - Equipment Lease and Financing Documentation What is a Lease a document? - Correct answer-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? - Correct answer-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 initial all exhibits....

CLFP EXAM - Financial and Tax Accounting for Leases 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) and Opinion #7 (Accounting for Leases in Financial S...