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CLFP - Financial and Tax Accounting Exam questions and answers Graded A+

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CLFP - Financial and Tax Accounting Exam questions and answers Graded A+ History - In the early years there were no rules to dictate the proper accounting treatment for a lease transaction. Primary goal of accounting profession is the reasonable and consistent treatment of like transactions, to allow clarity in presentation and consistency in interpretation of financial statements prepared by various individuals or entities. 1960s - Accounting Principles Board (APB) issued Option No. 5 Reporting of Leases in Financial Statements of Lessees & Opinion No. 7 Accounting for Leases in Financial Statements of Lessors - The two opinions used different criteria for determining the proper lease classification. This left lessees and lessors with conflicting rules to follow.

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