Study sets matching "transactions"

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Study sets matching "transactions"

28 terms
secured transactions
milking machine on a farm
insurance claims at Dr. office
paper security agreements signed at Se…
apple pay transaction at chase bank
equipment
health care receivables
chattel paper
electronic chattel paper
milking machine on a farm
equipment
insurance claims at Dr. office
health care receivables
Secured transactions
beneficiary
draw
security interest
security
person entitled to draw payment.
to receive money
any interest in property acquired by agreement or operation o…
property pledged in order to secure the fulfilment of a promi…
beneficiary
person entitled to draw payment.
draw
to receive money
90 terms
Secured Transactions
Secured Transaction
What to look for in secured transaction
Debtor
Secured party
(1) transaction intended to create a security interest in per…
(1) Credit transaction (sale on credit or loan)... (2) an agreem…
person who owes payment or performance of the obligation secu…
a lender, seller or other person in whose favor there is a se…
Secured Transaction
(1) transaction intended to create a security interest in per…
What to look for in secured transaction
(1) Credit transaction (sale on credit or loan)... (2) an agreem…
Analyzing Transactions
Received cash from owner as investment
Paid cash for supplies
Paid cash for insurance
Bought supplies on account
Assets increase, owners equity increase
Assets decrease, assets increase
Assets decrease, assets increase
Assets increase, liabilities increase
Received cash from owner as investment
Assets increase, owners equity increase
Paid cash for supplies
Assets decrease, assets increase
Secured Transactions
Goods (Classification)
Attachment (Creditor vs. Debtor)
Attachment (3 Elements)
Oral Security Agreement
1) Consumer Goods (personal, family or household purposes) 2)…
process by which security interest becomes enforceable agains…
1) Parties must have an agreement that security interest atta…
Only valid if collateral is in creditor's possession.
Goods (Classification)
1) Consumer Goods (personal, family or household purposes) 2)…
Attachment (Creditor vs. Debtor)
process by which security interest becomes enforceable agains…
10 terms
Secured Transactions
Cash
Credit
Document of Title
Bailee
Paying before or at time of delivery
Paying after delivery
is entitled to receive, control, hold, and dispose of the rec…
possesses goods and contracts to deliver them
Cash
Paying before or at time of delivery
Credit
Paying after delivery
82 terms
Secured Transactions
Introduction: Two Types of Purchase Mo…
Introduction: Two Types of Purchase Mo…
Introduction: After-acquired property…
Introduction: Future advance clause
Secured party sells debtor collateral on credit and retains a…
1. A loan to a debtor that enables a debtor to buy specific c…
A security interest not only in debtor's property, but future…
Loans made in the future secured by debtor's current property.
Introduction: Two Types of Purchase Mo…
Secured party sells debtor collateral on credit and retains a…
Introduction: Two Types of Purchase Mo…
1. A loan to a debtor that enables a debtor to buy specific c…
57 terms
Secured Transactions
Article 9
Lease
Security Agreement
Debtor
A secured transaction under UCC Art. 9 involves a relationshi…
Leases are only covered under Art. 9 when the transaction is,…
The agreement that provides for an Art. 9 security interest.
The person who gives the lien.
Article 9
A secured transaction under UCC Art. 9 involves a relationshi…
Lease
Leases are only covered under Art. 9 when the transaction is,…
16 terms
Les Transactions Commerciales
acheter
vendre
faire une demande
passer une commande
to buy/to purchase
to sell/to vend
to make a request
to place an order
acheter
to buy/to purchase
vendre
to sell/to vend
19 terms
Summary of Transactions
Purchase Returns and allowances
Purchase of Inventories
Purchase of Assets (e.g. equipment, mo…
Purchase of Assets with Deposit paid
Dr Bank or Accounts Payable ... Cr Inventory... Cr GST clearing... * r…
Dr Inventory... Dr GST clearing... Cr Bank or Accounts Payable
Dr Asset... Dr GST clearing... Cr Bank or Accounts Payable
Dr Asset... Dr GST clearing... Cr Accounts Payable (full price e.g…
Purchase Returns and allowances
Dr Bank or Accounts Payable ... Cr Inventory... Cr GST clearing... * r…
Purchase of Inventories
Dr Inventory... Dr GST clearing... Cr Bank or Accounts Payable
RE Transactions
4 things to always consider (themes in…
What are the 3 types of contracts?
Contract that permits parties to prepa…
T/F: Short term Ks provide for closing…
1. drafting... 2. tax issues... 3. transferability... 4. Time value of…
1. Short term, earnest $, purchase sale... 2. RE installment K... 3…
short term, earnest $, purchase sale
False; usually provides for closing w/i short term after K's…
4 things to always consider (themes in…
1. drafting... 2. tax issues... 3. transferability... 4. Time value of…
What are the 3 types of contracts?
1. Short term, earnest $, purchase sale... 2. RE installment K... 3…
21 terms
Secured Transactions
What is the scope of Art 9
How does a creditor create an enforcea…
Once attached, how does the creditor a…
When more than one creditor has a stak…
To consensual security interests in personalty (goods) & fixu…
Value... Contract... Rights in collateral
putting world on record notice of existence
First to perfect takes first...first in time first in right
What is the scope of Art 9
To consensual security interests in personalty (goods) & fixu…
How does a creditor create an enforcea…
Value... Contract... Rights in collateral
Secured Transactions
Security Interest: §1-201(35)
Consumer Goods: 9-102(a)(23)
Farm Products: 9-102(a)(34)
Inventory: 9-102(a)(48)
An interest in personal property or fixtures which secures pa…
Means goods that are used or bought for use primarily for per…
Debtor is engaged in farming operations 9-102(a)(35) AND Crop…
NOT farm products AND... • Leased by lessor... • Held for sale or l…
Security Interest: §1-201(35)
An interest in personal property or fixtures which secures pa…
Consumer Goods: 9-102(a)(23)
Means goods that are used or bought for use primarily for per…
Secured Transactions
Secured Transaction
Security Agreement
Security Interest
Seller Financed Purchase Money Securit…
(1) Loan/credit + (2) an intent to create a security interest…
Agreement between debtor and secured party creating a securit…
An interest in property which lies dormant until default. Whe…
(1) sells debtor collateral on credit and (2) retains a SI in…
Secured Transaction
(1) Loan/credit + (2) an intent to create a security interest…
Security Agreement
Agreement between debtor and secured party creating a securit…
40 terms
Secured transactions
What is a secured transaction?
In secured transactions, what does def…
Define purchase money security interes…
In order to obtain a security interest…
A security interest in personal property or fixtures, general…
The default is the secured party's interest in the debtor's c…
Two ways to create: the secured party sells a debtor collater…
Attachment. This gives the creditor rights against the DEBTOR.
What is a secured transaction?
A security interest in personal property or fixtures, general…
In secured transactions, what does def…
The default is the secured party's interest in the debtor's c…
Making transactions
I'd like to withdraw £100, please
I want to make a withdrawal
How would you like the money?
In tens, please (ten pound notes)
...
...
...
...
I'd like to withdraw £100, please
...
I want to make a withdrawal
...
31 terms
Secured Transactions
What is the Scope of Article 9 of the…
How does the creditor create an enforc…
Once attached, how does the creditor a…
When more than one creditor has a stak…
It applies to consensual security interests in personalty and…
VCR - value a contract and rights in the collateral... Attachmen…
By putting the world on record notice of its existence. Typic…
Generally, first in time, first in right. The first to perfec…
What is the Scope of Article 9 of the…
It applies to consensual security interests in personalty and…
How does the creditor create an enforc…
VCR - value a contract and rights in the collateral... Attachmen…
30 terms
Secure Transactions
What is scope of Article 9?
What is personalty?
Purchase Money Security Interest
Consumer Good
Consensual security interests in personalty and fixtures.
Generally it is goods. But is also includes receivables, cons…
A creditor sells the goods to the debtor OR creditor lends de…
good used for personal or familial purposes
What is scope of Article 9?
Consensual security interests in personalty and fixtures.
What is personalty?
Generally it is goods. But is also includes receivables, cons…
37 terms
Secured Transactions
Elements of Perfection
Elements of Attachment
Specificity of Security Agreement
Methods of Proving a Security Agreement
• Attachment... o Creditor gives value... o Contract—Security Agree…
• Creditor gives value... • Contract-The Security Agreement/Poss…
• The property description must reasonably describe the colla…
• Oral - But only if collateral is in the creditor's possessi…
Elements of Perfection
• Attachment... o Creditor gives value... o Contract—Security Agree…
Elements of Attachment
• Creditor gives value... • Contract-The Security Agreement/Poss…
27 terms
Secured Transactions
What are the different types of collat…
What are the four types of tangible co…
How is a security interest created?
Proving the Security Agreement?
Goods [consumer goods, equipment, inventory, farm products],…
1) Consumer goods (for personal, family, or household purpose…
The process of creating a security interest is called attachm…
If Oral: collateral must be in creditor's possession. If Writ…
What are the different types of collat…
Goods [consumer goods, equipment, inventory, farm products],…
What are the four types of tangible co…
1) Consumer goods (for personal, family, or household purpose…
Secured Transactions
What is the definition of "goods" for…
What are the four categories of goods?
What is the definition of consumer goo…
What is the definition of farm goods?
Anything that is moveable at the time that a security interes…
Consumer goods, farm products, inventory, and equipment.
Those acquired primarily for personal, family, or household p…
Goods that are crops or livestock and include supplies that a…
What is the definition of "goods" for…
Anything that is moveable at the time that a security interes…
What are the four categories of goods?
Consumer goods, farm products, inventory, and equipment.
Secured Transactions
What is the definition of a secured In…
What is the definition of an agreement?
Who is the secured party? Obligor? Deb…
What are goods? how does it affect SI?
Def: an interest in personal property or fixtures that secure…
Def: a consensual agreement that provides for the SI; the sub…
1. Secured party... a. Def: the person in whose favor the SI is…
Def: anything that is moveable at time that the SI attaches... R…
What is the definition of a secured In…
Def: an interest in personal property or fixtures that secure…
What is the definition of an agreement?
Def: a consensual agreement that provides for the SI; the sub…
51 terms
Secured Transactions
How is tangible collateral categorized?
What does it mean to "perfect" a secur…
Tangible collateral or "goods" inlcude…
Intangible or semi-tangible collateral…
It depends on the primary use to which the debtor puts the co…
In law, perfection relates to the additional steps required t…
1.Consumer goods... 2. Equipment... 3. Inventory... 4. Farm Products
-Instruments - i.e., pieces of paper that represent the right…
How is tangible collateral categorized?
It depends on the primary use to which the debtor puts the co…
What does it mean to "perfect" a secur…
In law, perfection relates to the additional steps required t…
38 terms
Secured Transactions
Which statement correctly categorizes…
Each of the following is a category of…
As defined in Article 9, instruments a…
Which of the following is necessary fo…
Computer terminals in the debtor's internet café are equipment.
Instruments; Documents; Investment property
The right to be paid money.
The parties must agree to create a security interest; The sec…
Which statement correctly categorizes…
Computer terminals in the debtor's internet café are equipment.
Each of the following is a category of…
Instruments; Documents; Investment property
19 terms
Secured Transactions
Priority Rules: Lender PMSI v. Seller…
Requirements for Perfection?
For a security interest to be enforcea…
What does Perfection of a security int…
If there are two competing PMSIs and one PMSI secures the pri…
1) Secured party gives value for security interest,... 2) The de…
(1) value has been given by the secured party, ... (2) the debto…
Perfection of a security interest generally gives the secured…
Priority Rules: Lender PMSI v. Seller…
If there are two competing PMSIs and one PMSI secures the pri…
Requirements for Perfection?
1) Secured party gives value for security interest,... 2) The de…
Secured Transactions
What are the different types of collat…
How is a security interest created?
When does an interest attach to after-…
What is perfection & how does it occur?
Goods [consumer goods, equipment, inventory, farm products],…
The process of creating a security interest is called attachm…
When debtor obtains an interest in the property. This can onl…
Perfection establishes secured party's rights in the collater…
What are the different types of collat…
Goods [consumer goods, equipment, inventory, farm products],…
How is a security interest created?
The process of creating a security interest is called attachm…
Secured Transactions
What is a good?
When does attachment occur?
When is a security agreement enforceab…
What is a PMSI?
A good is anything that is movable at the time the security i…
In order for a security interest to attach to be enforceable…
To be enforceable a security agreement must have record, can…
A purchase money secured interest is when the lender gives va…
What is a good?
A good is anything that is movable at the time the security i…
When does attachment occur?
In order for a security interest to attach to be enforceable…
Secured Transactions
what are secured debts?
what are two advantages to having secu…
what are the 3 reasons for why a lende…
what are the 3 requirements for a prop…
using some sort of collateral or interest payments to ensure…
1) from POV of debtor - monthly payments are all spread out -…
1) buyer wasn't aware that there was a collateral involved... 2)…
1) debtor's name... 2) lender's name... 3) date of transaction
what are secured debts?
using some sort of collateral or interest payments to ensure…
what are two advantages to having secu…
1) from POV of debtor - monthly payments are all spread out -…
Secured Transactions
At issue is whether a seller of invent…
How is a security interest perfected?
What is the general rule of priority?
How long is filing valid for?
Creditors gain priority by attaching and perfecting their sec…
A security interest is perfected if there has been attachment…
Between 2 or more perfected creditors, the first party to fil…
5 years.... Continuation statement may be filed. Must be filed…
At issue is whether a seller of invent…
Creditors gain priority by attaching and perfecting their sec…
How is a security interest perfected?
A security interest is perfected if there has been attachment…
Ch 6 Transactions
(SELLER) Sold merchandise on account,…
(SELLER) Received Return of merchandis…
(SELLER) Billed customer for freight
(SELLER) Received payment from custome…
DR A/R, CR Sales... DR CGS, CR Merch Inv
DR Sales Returns, CR A/R... DR Merch Inv, CR CGS
FOB Shipping: DR A/R, CR Cash
DR Cash, DR Sales Discounts... CR A/R
(SELLER) Sold merchandise on account,…
DR A/R, CR Sales... DR CGS, CR Merch Inv
(SELLER) Received Return of merchandis…
DR Sales Returns, CR A/R... DR Merch Inv, CR CGS
13 terms
Chapter 3 Journalizing Transactions
Check
Double-entry Accounting
Entry
General Amount Column
A business form ordering a bank to pay cash from a bank accou…
The recording of debit and credit parts of a transaction.
Information for each transaction recorded in a journal.
A journal amount column that is not headed with an account ti…
Check
A business form ordering a bank to pay cash from a bank accou…
Double-entry Accounting
The recording of debit and credit parts of a transaction.
Journalizing Transactions Vocab
Accounting Cycle
Invoice
Receipt
Memorandum
Activities performed in an accounting period that help the bu…
Source document that lists the quantity, description, unit pr…
Source document that serves as a record of cash... received for…
A brief written message that describes a transaction that tak…
Accounting Cycle
Activities performed in an accounting period that help the bu…
Invoice
Source document that lists the quantity, description, unit pr…
Secured Transactions
Security Agreement
Collateral
Obligor
Debtor
UCC 9-102 (74) An agreement that creates or provides for a se…
UCC 9-102(a)(12)... "Collateral" means the property subject to a…
UCC 9-102(a)(59)... "Obligor" means a person that, with respect…
(A) a person having an interest, other than a security intere…
Security Agreement
UCC 9-102 (74) An agreement that creates or provides for a se…
Collateral
UCC 9-102(a)(12)... "Collateral" means the property subject to a…
Distributed transactions
transactions
schedule
ACID
Atomic
A ______________ is a set of operations that operates on, and…
The specific order in which transactions execute
A transaction-based model guarantees a set of properties know…
The transaction happens as a single indivisible action. Every…
transactions
A ______________ is a set of operations that operates on, and…
schedule
The specific order in which transactions execute
19 terms
Consumer Transactions
Consumer
Unconscionability
Economic Damages
Actual damages
Consumer seeks or acquires goods or services by purchase or l…
act or practice, which to a consumer's detriment, takes advan…
compensatory damages for pecuniary loss including repair or r…
Any damages available in a common law cause of action plus me…
Consumer
Consumer seeks or acquires goods or services by purchase or l…
Unconscionability
act or practice, which to a consumer's detriment, takes advan…
Property Transactions
Sale between related parties
NOT capital assets:
Capital losses, carryback for individu…
Personal Property used in business, he…
seller can't take a loss, but gain is always recognized
inventory, business property, AR
NONE
ordinary gain or loss
Sale between related parties
seller can't take a loss, but gain is always recognized
NOT capital assets:
inventory, business property, AR
Secured Transactions
Buyer in the ordinary course
Garage sale exception
PMSI in non-inventory
PMSI in inventory
BOCB is a person who:... i) Buys goods (not including farm prod…
i) Buys consumer goods for value;... ii) For his own personal,…
PMSI in non-inventory collateral has priority over conflictin…
PMSI in invetory collateral has priority over conflicting sec…
Buyer in the ordinary course
BOCB is a person who:... i) Buys goods (not including farm prod…
Garage sale exception
i) Buys consumer goods for value;... ii) For his own personal,…
Revenue transactions
Occurrence
Occurrence
Occurrence
Occurrence
SOD
Sales recorded only with approved customer order and shipping…
Accounting for numerical sequences and sales invoices
Monthly customer statements; complaints handled independently
Occurrence
SOD
Occurrence
Sales recorded only with approved customer order and shipping…
96 terms
Transactions related
이...
그...
가게
가격
This
That
Store
Price
이...
This
그...
That
123 terms
Secured transactions
placing secured transactions in perspe…
Options of the potential creditor
Obtain a real promise to pay
collateral
You want to borrow money or obtain goods/services on credit.…
Outright refusal... obtain a real promise to pay... obtain surety-s…
this type of creditor is called unsecured or general. If the…
The creditor might require the debtor to place some of the de…
placing secured transactions in perspe…
You want to borrow money or obtain goods/services on credit.…
Options of the potential creditor
Outright refusal... obtain a real promise to pay... obtain surety-s…
Secured Transactions
Examples of a secured transaction
Secured Interest
Secured Party
Debtor
Note on a car, mortgage on a home, get it now personal property
Interest of the debtor in the property that is subject to the…
Creditor owed the debt
person that owes the debt
Examples of a secured transaction
Note on a car, mortgage on a home, get it now personal property
Secured Interest
Interest of the debtor in the property that is subject to the…
10 terms
Business Transactions
An account
Asset Accounts
Liabilities Accounts
Owners Equity
the basic element used in an accounting system to... classify an…
Cash, Note receivables, Account receivable, Prepaid expenses.…
Note payable, account payable... (CREDIT)
Common stock, capital, drawing, retained earning... (CREDIT)
An account
the basic element used in an accounting system to... classify an…
Asset Accounts
Cash, Note receivables, Account receivable, Prepaid expenses.…
75 terms
Secured Transactions
Tackling the Essay Question: 6 Steps
WHEN DOES ARTICLE 9 APPLY?
ARTICLE 9 DOES NOT APPLY WHEN:
SUBSTANCE OVER FORM... (Lease v. Sale)
1. Does Article 9 Apply?... 2. Identify all players & determine…
9-109(a)(1) Scope: Article 9 applies to a transaction, regard…
*Federal preemption: when a federal law that governs security…
A transaction regardless of its form that creates a security…
Tackling the Essay Question: 6 Steps
1. Does Article 9 Apply?... 2. Identify all players & determine…
WHEN DOES ARTICLE 9 APPLY?
9-109(a)(1) Scope: Article 9 applies to a transaction, regard…
15 terms
Shopping Transactions
At half price
Article/item
Banknote
Bag
A mitad de precio
El artículo
El billete
El bolso
At half price
A mitad de precio
Article/item
El artículo
Secured Transactions
PMSI
Buyer in the ordinary course of business
Judicial Lien Creditor
Garage Sale Rule
A consumer good is acquired primarily for personal, family, o…
A B of collateral subject to a perfected security interest ge…
A judicial lien creditor is a creditor who acquires a lien on…
A consumer buyer of consumer goods takes free of a security i…
PMSI
A consumer good is acquired primarily for personal, family, o…
Buyer in the ordinary course of business
A B of collateral subject to a perfected security interest ge…
Recording Transactions
Accounting cycle
Source doc
Invoice
Receipt
Activities performed in an accounting period that help the bu…
A paper prepared as the evidence that a transaction occurred
A source document that lists the quantity, description, unit…
A source document that serves as a record of cash received
Accounting cycle
Activities performed in an accounting period that help the bu…
Source doc
A paper prepared as the evidence that a transaction occurred
5 terms
Exempt Transactions
Non-issuer transactions
The exempt transactions that you'll mo…
If you're redeeming shares from a mutu…
An employee selling back some of the c…
Trading on the NASDAQ
Think: trading a healthy company in good stead with the SEC a…
Transaction with an issuer
Transaction with an issuer - no need to register
Non-issuer transactions
Trading on the NASDAQ
The exempt transactions that you'll mo…
Think: trading a healthy company in good stead with the SEC a…
Corporate Transactions
Factors in evaluating competing bids
Marren v Ingles
Conditions for SSE to apply
Effect of SSE
Consideration (and tax consequences); Merger Regulations; Cla…
Right to receive deferred consideration is a chose in action…
Seller owned at least 10% of OSC of the company for at least…
No chargeable gain and therefore no corporation tax is payable
Factors in evaluating competing bids
Consideration (and tax consequences); Merger Regulations; Cla…
Marren v Ingles
Right to receive deferred consideration is a chose in action…
Secured Transactions
Debtor
Secured party or secured creditor
Security agreement
Security interest
Party who owes the money
Party who lends the money
The contract or record
The right that creditor has in debtor's personalty or fixtures
Debtor
Party who owes the money
Secured party or secured creditor
Party who lends the money
Secured Transactions
secured transaction
what to look for in a secured transact…
debtor
secured party
- transaction intended to create a security interest in perso…
(1) a credit transaction (sale on credit or a loan) ... (2) an a…
the person who owes payment or performance of the obligation…
a lender, seller, or other person in whose favor there is a s…
secured transaction
- transaction intended to create a security interest in perso…
what to look for in a secured transact…
(1) a credit transaction (sale on credit or a loan) ... (2) an a…
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