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CLFP Equipment Finance Fundamentals 1

What is the primary distinction between an operating lease and a finance lease under US GAAP (ASC 842)?

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Sources & references

Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy

  1. elfaonline.org — Exam information · verified Oct 2026
  2. clfpfoundation.org — Passing score, time limit, score validity, test delivery, eligibility, fees, exam format, retake fee, retake policy, score release · verified Oct 2026