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CLFP Study guides, Class notes & Summaries
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CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 2024....
- Exam (elaborations) • 17 pages • 2023
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CLFP EXAM - Financial and Tax Accounting for Leases Latest
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CLFP - CLASS REVIEW STUDY 2024 LATEST QUESTIONS WELL ANSWERED WITH A GUARANTEED PASS!
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CLFP - CLASS REVIEW STUDY 2024 LATEST QUESTIONS WELL ANSWERED WITH A GUARANTEED PASS!
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CLFP - CLASS REVIEW STUDY EXAM QUESIONS AND ANSWERS
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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...
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CLFP - CLASS REVIEW QUESTIONS AND ANSWERS
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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...
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CLFP EXAM - Financial and Tax Accounting for Leases
- Exam (elaborations) • 23 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 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...
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CLFP FINAL Exam Questions With Verified Answers Latest Update 2024-2025 (Scored A+)
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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...
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CLFP Credit Process and Financial Statement: Test Questions with Answers Latest 2024-2025 | Graded A+
- Exam (elaborations) • 12 pages • 2024
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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...
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CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest 2024-2025 (GRADED)
- Exam (elaborations) • 9 pages • 2024
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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...
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CLFP Exam Questions With 100% Correct Answers Latest 2024/2025 | Verified.
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CLFP Exam Questions With 100% Correct Answers Latest 2024/2025 | Verified. 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 portion of the property's useful 
life. The term is typically used in reference to leases written by third part lessors. 
FASB 13 (1976) - Correct Answer-If meets any of criteria, will be capital lease 
1.Automatic transfer of title 
2. Bargain purchase option 
-cancellable term is gr...
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CLFP Terms 4 Questions With Answers Latest Update 2024-2025 (Graded A+)
- Exam (elaborations) • 7 pages • 2024
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CLFP Terms 4 Questions With Answers Latest Update (Graded A+) 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 expense (depreciation/amortization) + 
non-cash income] - net working capital (current assets - current liabilities) 
How many years should be evaluated in trend analysis? ...
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CLFP Financial and Tax Accounting for Leases: Exam Questions With Correct Answers Latest 2024/2025 (GRADED)
- Exam (elaborations) • 20 pages • 2024
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CLFP Financial and Tax Accounting for Leases: Exam Questions With Correct Answers Latest 2024/2025 (GRADED) How did APB (Accounting Principals Board) fail? correct answerCreated 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 conflicting rules. 
What was FASB 13? correct answerFinancial Accounting Standards Board issued "Accounting for Lease...
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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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CLFP EXAM - Financial and Tax Accounting 
for Leases | 100% Correct Answers | Verified 
 
| Latest 2024 Version 
 
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 (Acco...