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CLFP EXAM BUNDLE SOLVED CORRECTLY TO SCORE A+

CLFP EXAM BUNDLE SOLVED CORRECTLY TO SCORE A+

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CLFP Part 1 History and Purpose of Leasing exam with complete solution graded A+

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What are Lease versus buy considerations? - Tax Benefits Accounting & Financial Reporting Budgetary Minimize Cash Outlay Obsolescence What are Options when a lease terminates? - Variations of Purchase, Renew, Return What are Differences between operating and true leases? - Operating lease meet...

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CLFP EXAM - Portfolio Management Questions With Correct Answers Already Passed!!

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What is Portfolio Management? - The continuous process of evaluating the nature and performance of the portfolio of leases in order to allow management to determine future underwriting adjustments, current reserves and strategic planning What are the different categories of risk factors? - 1.) cr...

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CLFP EXAM - History & Purpose of Leasing Questions And Answers Already Graded A+

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Currently how big is the leasing industry? - American companies acquire $1 billion in equipment each year of which 55% is leased. What % of companies lease? - 8 of 10 How old is leasing? - 4000 years ago the Sumerians produced leases on clay tablets for ag tools, water rights and animals. The Co...

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CLFP Exam - Credit Process and Financial Statement Questions And Answers Already Graded A+

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What applicant attributes are you trying to learn about when underwriting a deal? - 1.) 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? - 1.) Character: the desire to pay back debt 2....

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CLFP EXAM - Financial and Tax Accounting for Leases Questions and Answers(A+ Solution guide)

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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 Opinio...

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CLFP - Accounting & Finance Questions With Correct Answers Already Passed!!

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ASC 842 is what type of standard? - Accounting; relates to Financial Statements What does ASC 842 do for financial reporting? - requires operating leases to be reported on the balance sheet WHIlE maintaining the distinction between finance leases ("capital leases") and operating leases. What w...

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CLFP - Classification & Terminology in Leasing Questions With 100% Correct Answers.

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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 ...

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CLFP EXAM - Equipment Lease and Financing Documentation Questions With Correct Answers Already Passed!!

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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 proper...

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CLFP EXAM - Financial and Tax Accounting for Leases Questions With 100% Correct Answers.

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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 Opinio...

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CLFP Funding, Customer Service and Operations Questions With Answers Graded A+ Assured Success

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Executed docs are audited to - ️️authenticate customer ensure completeness verify accuracy of docs looks for signs of fraud as a mitigation check Standard funding package included - ️️invoice, verification of executed docs, insurance, delivery and acceptance (D&A), UCC, verbal verificat...

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CLFP EXAM - History & Purpose of Leasing Questions With Answers Graded A+ Assured Success

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Which was the first general equipment company? - ️️In 1954, US Leasing Corporation became the first general equipment leasing company to take advantage of tax benefits (section 167 - accelerated depreciation) of ownership while passing along the right to use equipment to another party How di...

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CLFP Exam - Credit Questions and Answers (Verified Answers)

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What are the Five C's of Credit & describe them - ️️Character- Lessee's reputation and performance on past obligations Cash Flow- Does the lessee have the capacity to repay? Capital- Does the lessee have the ability to withstand a setback? Collateral- What is the value of the asset sec...

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CLFP Exam- Leasing Law & Documentation Questions and Answers (Verified Answers)

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Hell or High Water Clause - ️️where the lessee agrees that its payment obligations under the lease are 'absolute and unconditional' and are not subject to any defense, setoff, or counterclaim that the lessee may have against the lessor, its assignee, the manufacture or seller of the equ...

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CLFP EXAM - Financial and Tax Accounting for Leases Questions & Answers Verified 100% Correct!!

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What is Value of Leased Property? - ️️The price at which the property could be sold at an arm's length transaction by unrelated parties. 1.) normal selling price, net volume discounts, for a lessor who manufacturer/dealer 2.) Cost, net volume discounts for a lessor that is note a manufactu...

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