Study guides, Class notes & Summaries

CLFP EXAM - Financial and Tax Accounting for Leases Latest

CLFP-CLASS REVIEW STUDY GUIDE 2023-2024 ACTUAL EXAM TEST BANK 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE

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 wit...

Code of Hammurabi : Around 1750 B.C. - The Code of Hammurabi • King Hammurabi acknowledged leasing of personal property in his Code of Laws • First record of leasing law Beginning of Leasing : -Oldest record 2010 B.C. in the Sumerian City of Ur -Used clay tablets for documenting leases for agricultural tools, land leases for agricultural tools, land and water rights, oxen and other animals Ship Charters : - Early example of a true lease. - Phoenicians were shipping and trading ...

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 ...

CLFP 2024 COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS 100% CORRECT GRADE A+

CLFP - CLASS REVIEW STUDY EXAM QUESIONS AND ANSWERS 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 ass...

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 assume benefits and obligations of ownership What is Statue of Wha...

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 Principles 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 c...

CLFP Exam Questions With Verified Answers Latest Update (Scored A+) 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 correct answer1284 AD. English Common Law - to deal with leasing of personal property and clarified in 1571 to define who owned the leased prop...

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 Classification & Terminology in Leasing Exam Questions and Answers Latest (GRADED) 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 total amount, which a lessee is required to be paid is an inordinately large portion of the total sum to buy the equipment, 4.) Nomin...