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CLFP-CLASS REVIEW STUDY GUIDE 2024 EXAM TEST BANK QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE,,,Alpha $25.99
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CLFP-CLASS REVIEW STUDY GUIDE 2024 EXAM TEST BANK QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE,,,Alpha

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CLFP-CLASS REVIEW STUDY GUIDE 2024 EXAM TEST BANK QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE,,,Alpha

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  • July 7, 2024
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  • 2023/2024
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  • clfp class review study guide 2024

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

When should lessor register as foreign corp? - (answer)
Within a state ...
总之，数字时代的社会变迁对
Good - stock of them 人类的生活和发展产生了深远
的影响。信息技术的发展，极
Services offered
大地促进了社会经济的发展，
Inspection or repair of property
推动了社会文化的交流和融合

Office/employees ，为社会治理提供了新的工具
和手段。然而，数字时代的发
Negotiated contracts 展也带来了一些新的问题和挑
战，需要我们在享受数字化便
利的同时，积极应对信息安全
What is dode of Hammurabi? - (answer)
、隐私保护等方面的问题。展
1750 BC 望未来，随着信息技术的不断

- Acknowledges leasing of 进步，数字时代的社会变迁将
personal property in his code of laws
继续深化，为人类的生活和发
- First record of leasing law展带来更多的机遇和挑战。


Early examples of true lease? - (answer)
Phoenicians shipping experts
- charters covered economic life of ships
- lessee to assume benefits and obligations of ownership


What is Statue of Whales? - (answer)

,1284 AD
- leasing personal property
- 1571 defined who owned the lease property


What is Philadelphia Plan? - (answer)
总之，数字时代的社会变迁对
1700's railroads companies only afford tracks
人类的生活和发展产生了深远
的影响。信息技术的发展，极
- Finance from private investors for locomotives/cars
大地促进了社会经济的发展，
- equipment trusts
推动了社会文化的交流和融合
- precursor of today conditional sale contract
，为社会治理提供了新的工具
和手段。然而，数字时代的发
展也带来了一些新的问题和挑
When & how did Independent Leasing Start? - (answer)
战，需要我们在享受数字化便

1900's 利的同时，积极应对信息安全
、隐私保护等方面的问题。展
- Offer short term contracts/leases
望未来，随着信息技术的不断
- lessor retain title 进步，数字时代的社会变迁将
继续深化，为人类的生活和发
- rail cars would be returned at end
展带来更多的机遇和挑战。
- beginning of true/operating lease
- third party leasing companies


What is definition of captive? - (answer) - sub of mfg. primary
purpose to finance parents product


What is the benefit of captive? - (answer)

,Sales aid
- market control
- product differentiation
- Increase gross margin
- Ongoing customer contact
总之，数字时代的社会变迁对
人类的生活和发展产生了深远
的影响。信息技术的发展，极
Why did lease re surge in 1950's? - (answer)
大地促进了社会经济的发展，
government stimulate economy after WWII
推动了社会文化的交流和融合
- advance in technology in，为社会治理提供了新的工具
business equipment
- IRS 167 和手段。然而，数字时代的发
展也带来了一些新的问题和挑
战，需要我们在享受数字化便
利的同时，积极应对信息安全
How does IRS 55-540 define true lease? - (answer) P - payment
exceed FMV - NOT 、隐私保护等方面的问题。展
望未来，随着信息技术的不断
A - automatic titletransfer - NOT
进步，数字时代的社会变迁将
I - interest contained in payment - NOT
继续深化，为人类的生活和发
展带来更多的机遇和挑战。
N - nominal purchase option - NOT
E - equity in lease - NOT
E - excessive lease payments - NOT


What is different between FASB 13 and IRS 55-540? - (answer) -FAB
13 - defines operating lease - ACCT
- IRS 55-540 - defines tax lease - TAX

, What is FASB 13? - (answer) - 1976 Financial Accounting Standard
Board
- Issued statement 13
- Set criteria by which to classify a lease capital/operating
- defined treatment on financial statements
总之，数字时代的社会变迁对
人类的生活和发展产生了深远
How does FASB 13 define an operating lease? - (answer)
的影响。信息技术的发展，极
B - bargin
purchse option - NOT 大地促进了社会经济的发展，
推动了社会文化的交流和融合
E - economic useful life > 75% - NOT
，为社会治理提供了新的工具
A - automatic title transfer - NOT
和手段。然而，数字时代的发
P - PV of payments (no resid) > 90% of FMV - NOT
展也带来了一些新的问题和挑
战，需要我们在享受数字化便
利的同时，积极应对信息安全
What is AMT? - (answer)、隐私保护等方面的问题。展
- Alternative Minimum Tax
- pay greater of regular tax望未来，随着信息技术的不断
or AMT
进步，数字时代的社会变迁将
- limits depreciation benefit
继续深化，为人类的生活和发
- prompted growth in operating lease (lessee)
展带来更多的机遇和挑战。




What is definition of Lease - (answer) - a transaction in which use
and possession but not title to tangible property, is transferred for
consideration
- USE AN POSSESSION
- NOT TITLE
- TRANSFERRED FOR CONSIDERATION

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