- Study guides, Class notes & Summaries

CLFP Chapter 8 - Funding and Operations Exam questions and answers Graded A+ Internal Funding Funding provided by the parent financial institution to lease a subsidiary. Brokering The intermediary role between the lessee and the funding source. Discounting The sale of remaining rents of a lease to a funding source. Recourse Debt - Debt where the lender files a blanket lien against all the lessor's assets. - Typically supplied by a bank and the rate is tied to an index (Prime or LIBO...

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21 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP EXAM - Classification & Terminology in Leasing Exam questions and answers Graded A+ 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, whic...

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13 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP Exam questions and answers Graded A+ True Lease - 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 - As most frequently used, a net lease, which has its purpose the finance of the use of property for a major portion of the property'...

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8 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP EXAM - Financial and Tax Accounting for Leases Exam questions and answers Graded A+ 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 Financi...

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15 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP Glossary Exam questions and answers Graded A+ Absolute Value - In contrast to Relative Value, Absolute Value looks only at the asset's intrinsic value and does not compare to other assets. Accelerated Cost Recovery System (ACRS) - ACRS is a system of rapid depreciation of the costs of most assets for federal income taxation. The Economic Recovery Tax Act of 1981 created ACRS. ACRS was modified under the Tax Reform Act of 1986 establishing depreciation methods for each ACRS class, ...

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46 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP Glossary Terms – 2026 Exam questions and answers Graded A+ Absolute Value The intrinsic value of an asset, independent of comparison to other assets. Accelerated Cost Recovery System (ACRS) A method of rapid depreciation for federal income taxation purposes. Accelerated Depreciation A depreciation method, often used for tax purposes, that allows for faster deduction of an asset's cost compared to straight-line depreciation. Acceleration Clause A provision in a financial instr...

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37 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP Sample Exam - Credit (35 Exam questions and answers Graded A+ Fundamentally, _________ risk is the chance of not receiving money back in a timely manner and as agreed. Select one: a. Business b. Compliance c. Legal d. Credit - Answ

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19 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP Sample Exam - Funding, Customer Service and Operations (44 Exam questions and answers Graded A+ For purposes of the CLFP Handbook, what does "operations" mean? Select one: a. The term "operations" refers to the physical location of the equipment finance organization. b. The term "operations" refers to the functions involved in customer service, collections, insurance administration, title administration, and technology specific to equipment finance. c. The term ...

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23 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP Study Guide Flashcards questions and answers Graded A+ [Ch1 Q1] Which of the following is NOT a common market segment classification for equipment finance transactions? a) Small-ticket b) Mid-ticket c) Large-ticket d) Jumbo-ticket - d) Jumbo-ticket. The common market segments are smallticket, mid-ticket, and large-ticket. 'Jumbo-ticket' is not a standard classification. [Ch1 Q2] Which of the following is a true statement about the Uniform Commercial Code (UCC)? a) It is a federa...

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20 pages

Written in 2025/2026

Grade A+

MedicAcademy

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 Re...

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28 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP - Chapter 3 - Financial & Tax Accounting Exam questions and answers Graded A+ TAX LENS - "Tax Lease" or "Conditional Sales Contract"? Revenue Ruling 55-540 Revenue Procedure 2001-28 Revenue Ruling 55-540 (TAX LENS) - 1955 It was intended to define a true lease for tax purposes but it actually defined what is NOT a lease. It defined a contract for sale. Revenue Ruling 55-540 (TAX LENS) - NOT a lease identifier's The ruling identifies several factors that may indicate ...

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4 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP – Credit Exam questions and answers Graded A+ Fundamentally, _________ risk is the chance of not receiving money back in a timely manner and as agreed. Credit What is considered the process in lending that determines the acceptability of a proposed transaction based on the inherent risk of the deal and the lender's or lessor's credit policies? Underwriting The role of a credit analyst in an equipment finance company is to make decisions within the parameters of an organiza...

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8 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP - Chapter 1 - History & Overview Exam questions and answers Graded A+ Code of Hammurabi - Ancient record of Babylonian leasing law dating to 1700BC Ancient History - Agricultural leases were found on clay tablets; Leasing was done for ship charters. Middle Ages - Leasing was used for agricultural, industrial, military, and ships Statute of Wales - From the

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12 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP - CLASS REVIEW STUDY Exam questions and answers Graded A+ 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 What is dode of Hammurabi? - 1750 BC - Acknowledges leasing of personal property in his code of laws - First record of leasing law Early examples of true lease? - Phoenicians shipping experts - charters covered economic life of ships - lessee to as...

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26 pages

Written in 2025/2026

Grade A+

MedicAcademy

CLFP EXAM - Leasing Law UPDATED ACTUAL Questions and CORRECT Answers 2026/2027

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27 pages

Written in 2025/2026

Grade A+

briannyantika1

Pass your CLFP Certification Exam with confidence! This brand-new 2026 test bank features 200 actual exam-style questions with correct answers and detailed rationales — covering every domain: lease accounting (ASC 840 vs. ASC 842, finance vs. operating leases, lessee vs. lessor accounting, sales-type vs. direct financing leases, right-of-use asset, lease liability, implicit rate, incremental borrowing rate, unearned income, contingent rentals, bargain purchase option, unguaranteed residual), t...

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108 pages

Written in 2025/2026

Grade A+

PREPPERFECT

CLFP EXAM - HISTORY & PURPOSE OF LEASING QUESTIONS & ANSWERS|| LATEST UPDATE 2026|| 100% VERIFIED

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10 pages

Written in 2025/2026

Grade A+

STUDYFIELD

CLFP EXAM - CREDIT QUESTIONS & ANSWERS

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6 pages

Written in 2025/2026

Grade A

STUDYFIELD

CLFP EXAM - FINANCIAL AND TAX ACCOUNTING FOR LEASES QUESTIONS & ANSWERS

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43 pages

Written in 2025/2026

Grade A

STUDYFIELD

CLFP SAMPLE EXAM - FUNDING, CUSTOMER SERVICE AND OPERATIONS (44 QUESTIONS) & ANSWERS|| LATEST UPDATE

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24 pages

Written in 2025/2026

Grade A+

STUDYFIELD