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CLFP EXAM - Leasing Law 2024 Questions & Answers | 100% Correct | Verified
- Exam (elaborations) • 8 pages • 2024
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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 regul...
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CLFP EXAM - Leasing Law | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 8 pages • 2024
-
Available in package deal
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- $9.80
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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 regu...
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CLFP EXAM - Equipment Lease and Financing Documentation | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 11 pages • 2024
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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 ha...
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CLFP EXAM - Financial and Tax Accounting for Leases | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 18 pages • 2024
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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...
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CLFP EXAM - Classification & Terminology in Leasing | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 9 pages • 2024
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Helps avoid tax abuse by defining what is not a lease for tax purposes. - 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? - 
1). Any portion of the periodic payment is equity, 
2.) lessee automatically acquires title upon making scheduled payments 
3.) the total amount, which a lessee is required to be paid is an inordinately large portion of the total 
sum to buy...
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CLFP EXAM - Equipment Lease and Financing Documentation 2024 Questions & Answers | 100% Correct | Verified
- Exam (elaborations) • 11 pages • 2024
-
- $8.99
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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 - Leasing Law 2024 Questions & Answers | 100% Correct | Verified
- Exam (elaborations) • 8 pages • 2024
-
- $7.99
- + learn more
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 - Leasing Law | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 8 pages • 2024
-
- $7.99
- + learn more
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 
...
-
CLFP EXAM - Equipment Lease and Financing Documentation | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 11 pages • 2024
-
- $8.49
- + learn more
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+
- Exam (elaborations) • 25 pages • 2024
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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...