What was fasb 13 - Study guides, Class notes & Summaries
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CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 2024.
- Exam (elaborations) • 15 pages • 2024
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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...
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CLFP EXAM - Financial and Tax Accounting for Leases Latest Exam Guide 2024.
- Exam (elaborations) • 15 pages • 2024
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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...
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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
- Available in package deal
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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 Latest Exam Guide 2024.
- Exam (elaborations) • 15 pages • 2024
-
- $11.99
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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...
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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
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- $8.99
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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 Part 1 History and Purpose of Leasing exam with complete solution graded A+
- Exam (elaborations) • 6 pages • 2023
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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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CLFP EXAM - Financial and Tax Accounting for Leases Questions & Correct Answers/ Graded A+
- Exam (elaborations) • 33 pages • 2024
- Available in package deal
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- $12.49
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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 wit...
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CLFP Exam Questions and Answers Latest Update 2024-2025 Scored A+.
- Exam (elaborations) • 25 pages • 2024
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Available in package deal
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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 corr...
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CLFP EXAM (Financial and Tax Accounting for Leases) with Questions & Answers Graded A
- Exam (elaborations) • 18 pages • 2024
-
- $11.79
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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 Classification & Terminology in Leasing Exam Questions and Answers Latest 2024-2025 (GRADED)
- Exam (elaborations) • 9 pages • 2024
- Available in package deal
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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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