CLFP EXAM PART 1: HISTORY & LE CLFP EXAM PART 1: HISTORY & LEASING LAW ASING LAW
CLFP EXAM PART 1: HISTORY & LEASING LAW
QUESTIONS AND ANSWERS GRADED A+
What authority defines what a lease is for accounting purposes? Select one:
a. Financial Assets Standards Board
b. Financial Accounting Services Board
c. Flavored Apples Standards Board
d. Financial Accounting Standards Board: d. Financial Accounting Standards Board (FASB)
2. What authority defines what a lease is for legal purposes?
Select one:
a. UCC
b. IRS
c. Bankruptcy Code
d. Common law: a. UCC
3. What section of the IRS Code defines what is not a lease, for tax purposes?
Select one:
a. IRS 8401-77
b. IRS 55-540
c. IRS 2001-28
d. IRS 842-2A: b. IRS 55-540
4. What is a Capital Lease?
Select one:
a. A lease that has the characteristics of a usage agreement, as defined by ASC
842.
b. A lease that has the characteristics of a purchase agreement, as defined by
ASC 842.
,CLFP EXAM PART 1: HISTORY & LE CLFP EXAM PART 1: HISTORY & LEASING LAW ASING LAW
c. A lease that has the characteristics of a true lease, as defined by UCC.
d. A lease that has the characteristics of a secured transaction, as defined by
UCC.: b. A lease that has the characteristics of a purchase agreement, as defined by ASC 842
5. What is the significance of Revenue Procedure 2001-28?
Select one:
a. It lays out criteria the IRS would use to respond to advanced rulings on
whether a transaction is a lease.
b. It lays out criteria the IRS would use to respond to advanced rulings on
CLFP EXAM PART 1: HISTORY & LEASING LAW
QUESTIONS AND ANSWERS GRADED A+
What authority defines what a lease is for accounting purposes? Select one:
a. Financial Assets Standards Board
b. Financial Accounting Services Board
c. Flavored Apples Standards Board
d. Financial Accounting Standards Board: d. Financial Accounting Standards Board (FASB)
2. What authority defines what a lease is for legal purposes?
Select one:
a. UCC
b. IRS
c. Bankruptcy Code
d. Common law: a. UCC
3. What section of the IRS Code defines what is not a lease, for tax purposes?
Select one:
a. IRS 8401-77
b. IRS 55-540
c. IRS 2001-28
d. IRS 842-2A: b. IRS 55-540
4. What is a Capital Lease?
Select one:
a. A lease that has the characteristics of a usage agreement, as defined by ASC
842.
b. A lease that has the characteristics of a purchase agreement, as defined by
ASC 842.
,CLFP EXAM PART 1: HISTORY & LE CLFP EXAM PART 1: HISTORY & LEASING LAW ASING LAW
c. A lease that has the characteristics of a true lease, as defined by UCC.
d. A lease that has the characteristics of a secured transaction, as defined by
UCC.: b. A lease that has the characteristics of a purchase agreement, as defined by ASC 842
5. What is the significance of Revenue Procedure 2001-28?
Select one:
a. It lays out criteria the IRS would use to respond to advanced rulings on
whether a transaction is a lease.
b. It lays out criteria the IRS would use to respond to advanced rulings on
