Clfp Study guides, Class notes & Summaries

CLFP - CLASS REVIEW STUDY GUIDE 200+ QUESTIONS AND ANSWERS 2023/2024 GRADED A+. CLFP - CLASS REVIEW STUDY 2023 1. When should lessor register as foreign corp?: Within a state ... Good - stock of them Services offered Inspection or repair of property Office/employees Negotiated contracts 2. What is dode of Hammurabi?: - 1750 BC - Acknowledges leasing of personal property in his code of laws - First record of leasing law 3. Early examples of true lease?: - Phoenicians shipping exper...

CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest . 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...

CLFP EXAM - Equipment Lease and Financing Documentation (Questions & Answers) 2024 Verified 100% Correct!!

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 for Leases in Financial Statements for Lessors) that ha different opinions and left lessors & lessees with co...

CLFP Credit Process and Financial Statement: Test Questions with Answers Latest | Graded A+. What are the four (4) C's of Credit? correct answer1.) Character: the desire to pay back debt 2.) Cash Flow: Ability to make payments 3.) Capital: Ability to withstand setbacks 4.) Collateral: Ability to liquidate to recover investment when the initial three (3) C's fail What are common credit criteria in the app only process? correct answer1.) TIB 2.) Industry 3.) Equipment type 4.) Bank Balan...

CLFP Credit Process and Financial Statement: Test Questions with Answers Latest | Graded A+. What applicant attributes are you trying to learn about when underwriting a deal? correct answer1.) 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 answer1.) Character: the desire to pay back debt 2.) Cash Flow: Ability to make payments 3.) Capital: Ability to withstand setbacks ...

CLFP Exam Questions and Answers Latest Update | Scored A+. Oldest Record of Leasing correct answer2010 B.C. in Sumerian City of Ur using Clay tablets for ag tools, land & Water rights, oxen and other animals Code of Hammurabi correct answer1750 BC, acknowledged leasing of Personal Property. First Record of Leasing First Example of A True Lease correct answerShip Charters. Phoenicians leased the ship and crew requiring them to assume benefits and obligations of ownership Statue of Wales co...

CLFP Exam Practice Questions and Answers Latest Update | Graded A+. What information is reported on the income statement? correct answerIts a presentation of revenues and expenses for a specific time period (month, quarter, year). What information is reported on the statement of cash flows? correct answerIt shows cash receipts and payments during a specific period and includes non-cash expenses like depreciation and amortization. Equation for cash flow correct answer[net income + non-cash e...

CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 2024...

CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest . 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...