Clfp exam leasing - Study guides, Class notes & Summaries

CLFP PART 1 HISTORY AND PURPOSE OF LEASING EXAM QUESTIONS AND COMPLETE SOLUTIONS

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 EXAM - History & Purpose of Leasing

CLFP EXAM - HISTORY & PURPOSE OF LEASING EXAM QUESTIONS AND COMPLETE SOLUTIONS

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...

CLFP Exam- Leasing Law & Documentation Questions and Answers

CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 2024. What is a primary goal of the accounting profession? - Correct 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? - Correct answer-Created Opinion #5 (Reporting of Leases in Financial Statements of Lessees) and Opinion #7 (Accounting fo...

CLFP Exam Questions With 100% Correct Answers Latest | Graded A+. A lease, which for tax purposes, fails to meet all of the tests for a conditional sales contract under IRS Revenue Ruling 55-540 and therefore entitles the lessor to qualify for the tax benefits of ownership and the lessee to claim the entire amount of the lease rental as a tax deduction 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 p...

CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 2024. What is a primary goal of the accounting profession? - Correct 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? - Correct answer-Created Opinion #5 (Reporting of Leases in Financial Statements of Lessees) and Opinion #7 (Accounting fo...

CLFP EXAM - Leasing Law 2024 Questions & Answers | 100% Correct | Verified 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 regul...