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CLFP EXAM - Financial and Tax Accounting for Leases Latest

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CLFP EXAM - Financial and Tax Accounting for Leases Latest

When should lessor register as foreign corp? Within a state ... Good - stock of them Services offered Inspection or repair of property Office/employees Negotiated contracts What is dode of Hammurabi? - 1750 BC - Acknowledges leasing of personal property in his code of laws - First record of leasing law 01:05 01:36 Early examples of true lease? - Phoenicians shipping experts - charters covered economic life of ships - lessee to assume benefits and obligations of ow...

CLFP EXAM - History & Purpose of Leasing Currently how big is the leasing industry? - Correct answer-American companies acquire $1 billion in equipment each year of which 55% is leased. What % of companies lease? - Correct answer-8 of 10 How old is leasing? - Correct answer-4000 years ago the Sumerians produced leases on clay tablets for ag tools, water rights and animals. The Code of Hammurabi is an ancient record of Babylonian dating back to 1700 bc What is the Statue of Whales? - Corr...

Equipment Lease - Correct answer-A transaction in which use and posession but not title to tangible property, is transfered for consideration. Section 38 Property - Correct answer-IRS (tax) defines personal property that can be leased as depreciable property. Third Party Leasing - Correct answer-Unrelated Maufacturer, Dealer or Broker, the independent lessor and the lessee. Balance sheet (Op Lease) - Correct answer-Includes Assets C ash A sset T otal assets Liabilities S ecurity dep...

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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