CLFP Samenvattingen, Aantekeningen en Examens
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CLFP EXAM - Leasing Law | 100% Correct Answers | Verified | Latest 2024 Version
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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 laws are not binding up the courts in the manner or statutory laws, but may 
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CLFP EXAM - Equipment Lease and Financing Documentation | 100% Correct Answers | Verified | Latest 2024 Version
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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 initial 
all exhibits. 
What is a Delivery & Acceptance (D&A) document? - Document signed by lessee indicating ...
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CLFP Exam Questions and Answers Latest Update 2024-2025 | Scored A+
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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...
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CLFP Credit Process and Financial Statement: Exam Questions with Answers Latest 2024-2025 | Graded A+
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CLFP Credit Process and Financial Statement: Exam 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 ...
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CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest 2024-2025
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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...
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CLFP Exam Questions With 100% Correct Answers Latest 2024-2025 (Graded A+)
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CLFP Exam Questions With 100% Correct Answers Latest (Graded A+) A lease, which for tax purposes, fails to meet all of the 
tests for a conditional sales contract under IRS Revenue Ruling 55-540 and therefore 
entitles the lessor to qualify for the tax benefits of ownership and the lessee to claim the 
entire amount of the lease rental as a tax deduction 
Finance Lease - Correct Answer-As most frequently used, a net lease, which has its 
purpose the finance of the use of property for a major po...
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CLFP Exam Practice Questions and Answers Latest Update 2024-2025 | Graded A+
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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...
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CLFP Financial and Tax Accounting for Leases Exam Questions and Answers – Latest 2024/2025 Graded A+.
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CLFP Financial and Tax Accounting for Leases Exam Questions and Answers – Latest 2024/2025 Graded A+. What is a primary goal of the accounting profession? correct answerConsistent 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 answerCreated Opinion #5 (Reporting of Leases 
in Financial Statements of Lessees) and Opini...
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CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 2024.
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CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 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) and Opinion #7 (Accounting 
fo...
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CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 2024.
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CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 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) and Opinion #7 (Accounting 
fo...