What is TRAC lease?
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A lease on a qualified automobile, truck or trailer, which may be considered
a true lease for federal income tax purposes even though it contains a
clause which effectively guarantees the lessor the residual value.
,What are the different financial statement preparation levels?
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- compilation - assemble with no inquiry
- reviewed - inquiry/analysis
- audit - verify with third party
What is Severability in a document?
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- if one part of the doc is not enforced, other parts are still legally binding
To gain PMSI, how long do you have to file UCC?
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20 days
What is a key concepts with respect to budget?
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, - should be in sync with business strategy
- top management should be involved
- changed throughout year.
What is difference in marketing vs sales?
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- marketing efforts occurs prior to sales
- marketing supports sales
- sales acts on opportunities generated by marketing
What is Interim Rent?
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charge of use of equipment form delivery to start date
What is difference in Financial Statements & Tax Returns?
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- financials are accrual basis
- financials are straight line depreciation
- taxes are cash basis
- taxes are accelerated depreciation
, What is definition of captive?
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- sub of mfg. primary purpose to finance parents product
What is the purpose of Credit Scoring?
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- consistent decisions
- efficient process
- monitor costs
What is Section 38?
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- IRS Section 38
- defines personal property that can be leased as depreciable property
What personal assets cannot be garnished?
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Give this one a try later!
A lease on a qualified automobile, truck or trailer, which may be considered
a true lease for federal income tax purposes even though it contains a
clause which effectively guarantees the lessor the residual value.
,What are the different financial statement preparation levels?
Give this one a try later!
- compilation - assemble with no inquiry
- reviewed - inquiry/analysis
- audit - verify with third party
What is Severability in a document?
Give this one a try later!
- if one part of the doc is not enforced, other parts are still legally binding
To gain PMSI, how long do you have to file UCC?
Give this one a try later!
20 days
What is a key concepts with respect to budget?
Give this one a try later!
, - should be in sync with business strategy
- top management should be involved
- changed throughout year.
What is difference in marketing vs sales?
Give this one a try later!
- marketing efforts occurs prior to sales
- marketing supports sales
- sales acts on opportunities generated by marketing
What is Interim Rent?
Give this one a try later!
charge of use of equipment form delivery to start date
What is difference in Financial Statements & Tax Returns?
Give this one a try later!
- financials are accrual basis
- financials are straight line depreciation
- taxes are cash basis
- taxes are accelerated depreciation
, What is definition of captive?
Give this one a try later!
- sub of mfg. primary purpose to finance parents product
What is the purpose of Credit Scoring?
Give this one a try later!
- consistent decisions
- efficient process
- monitor costs
What is Section 38?
Give this one a try later!
- IRS Section 38
- defines personal property that can be leased as depreciable property
What personal assets cannot be garnished?
Give this one a try later!
