What was fasb 13 Study guides, Class notes & Summaries
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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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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 with co...
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CLFP EXAM - Financial and Tax Accounting for Leases
- Exam (elaborations) • 15 pages • 2024
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CLFP EXAM - Financial and Tax Accounting for Leases 
What is a primary goal of the accounting profession? - Answer- 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? - Answer- Created Opinion #5 (Reporting of Leases in Financial Statements of Lessees) and Opinion #7 (Accounting for Leases in Financial Statements for Les...
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CLFP EXAM - Financial and Tax Accounting for Leases | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 28 pages • 2024
- Available in package deal
-
- $10.49
- + learn more
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 with conflic...
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CLFP FINAL Exam Questions With Verified Answers Latest Update 2024-2025 (Scored A+)
- Exam (elaborations) • 25 pages • 2024
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- $13.99
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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 EXAM - Financial and Tax Accounting for Leases | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 28 pages • 2024
- Available in package deal
-
- $10.49
- + learn more
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 with conflic...
Too much month left at the end of the money?
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CLFP Exam Questions and Answers Latest Update 2024-2025 | Scored A+
- Exam (elaborations) • 25 pages • 2024
-
- $13.49
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CLFP Exam Questions and Answers Latest Update | Scored A+. Oldest Record of Leasing correct answer2010 B.C. in Sumerian City of Ur using Clay tablets for ag tools, 
land & Water rights, oxen and other animals 
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 co...
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CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest 2024-2025
- Exam (elaborations) • 9 pages • 2024
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- $14.99
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CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest . Helps avoid tax abuse by defining what is not a lease for tax purposes. - Correct 
Answer-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? - Correct Answer-1). Any portion of the periodic 
payment is equity, 
2.) lessee automatically acquires title upon making scheduled payments 
3.) the...
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CLFP EXAM - Financial and Tax Accounting for Leases Questions and Answers(A+ Solution guide)
- Exam (elaborations) • 18 pages • 2023
- Available in package deal
-
- $8.99
- + learn more
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 with co...
-
CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest 2024-2025
- Exam (elaborations) • 9 pages • 2024
-
- $13.99
- + learn more
CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest . Helps avoid tax abuse by defining what is not a lease for tax purposes. - Correct 
Answer-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? - Correct Answer-1). Any portion of the periodic 
payment is equity, 
2.) lessee automatically acquires title upon making scheduled payments 
3.) the...
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CLFP Part 1 History and Purpose of Leasing exam with complete solution graded A+
- Exam (elaborations) • 6 pages • 2023
- Available in package deal
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- $7.99
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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 meets none of the of 
FASB 13 criteria and has characteristics of a usage or rental agreement. True Lease meets none of the 
criteria for a lease intended as security for tax purposes and it may Or may no...
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