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Study sets matching "transactions"

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Study sets matching "transactions"

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…
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
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
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…
84 terms
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…
86 terms
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…
10 terms
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
...
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…
72 terms
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.
171 terms
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
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…
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…
20 terms
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…
9 terms
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…
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.
12 terms
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
9 terms
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…
7 terms
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…
9 terms
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
21 terms
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
8 terms
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
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…
18 terms
secured transactions
after-acquired property
attachment
authentication
collateral
property of the debtor thats acquired after the execution of…
the process by which a security interest in the property of a…
to sign a record, or with the intent to sign a record, to exe…
property subject to security interest
after-acquired property
property of the debtor thats acquired after the execution of…
attachment
the process by which a security interest in the property of a…
19 terms
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…
54 terms
INTERNATIONAL TRANSACTIONS
General Conditions
Transpacific Trade Partnership (TPP)
price escalation clause
force majeure clause
Terms usually pre-printed within the contracts and often do n…
This potential free trade agreement has many congressional hu…
Clause Cartier will invoke if it... wants to ensure that it can…
War & acts of God
General Conditions
Terms usually pre-printed within the contracts and often do n…
Transpacific Trade Partnership (TPP)
This potential free trade agreement has many congressional hu…
11 terms
Accounting Transactions
received cash as an investment from ow…
paid cash for supplies
paid cash for insurance
bought supplies on account
+cash, +owner's equity
-cash, +supplies
-cash, +prepaid insurance
+supplies, +accounts payable
received cash as an investment from ow…
+cash, +owner's equity
paid cash for supplies
-cash, +supplies
96 terms
Transactions related
이...
그...
가게
가격
This
That
Store
Price
이...
This
그...
That
15 terms
Credit Transactions
Credit transaction
Invoice
Sales invoice
Purchase invoice
When goods are exchanged but the cash relating to the stock i…
A source document that verifies the details of a credit trans…
A source document that verifies a credit sale of stock
A source document that verifies a credit purchase of stock or…
Credit transaction
When goods are exchanged but the cash relating to the stock i…
Invoice
A source document that verifies the details of a credit trans…
50 terms
Secured Transactions
Scope of Article 9
Security Interest
Collateral
Debtor
Except as otherwise provided in Sub. (c), (d), & (e), this ch…
An interest in personal property or fixtures which secures pa…
The property subject to a security interest or agricultural l…
A person having an interest, other than a security interest o…
Scope of Article 9
Except as otherwise provided in Sub. (c), (d), & (e), this ch…
Security Interest
An interest in personal property or fixtures which secures pa…
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.…
13 terms
Secured Transactions
Article 9 covers
PMSI
PMSI dual status
Collaterals
1. Contractual security interests... 2. Sales of accounts, chatt…
Think about PMM... 1. Creditor sells goods to debtor on credit,…
1. SI in non-consumer goods REMAIN as PMSI if:... a. Independen…
1. Tangible collateral or goods... 2. Intangible / semi-intangib…
Article 9 covers
1. Contractual security interests... 2. Sales of accounts, chatt…
PMSI
Think about PMM... 1. Creditor sells goods to debtor on credit,…
62 terms
Secured Transactions
Secured Transactions... The SItuation
Secured Transactions... Intro... Options o…
Secured Transactions... Intro... Basic App…
Scope of Art. 9 ... Collateralized Trans…
YOu want to borrow money or obtain goods/services on credit.…
1) Outright refusal... 2) Obtain a mere promise to pay (unsecur…
1) Is the transaction w/in the scope of art. 9... 2) Classify t…
Any transaction (regardless of form) which is intended to cre…
Secured Transactions... The SItuation
YOu want to borrow money or obtain goods/services on credit.…
Secured Transactions... Intro... Options o…
1) Outright refusal... 2) Obtain a mere promise to pay (unsecur…
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
19 terms
Secured Transactions
Secured Transactions... - Does Art 9 App…
Secured Transactions... - Classify the C…
Secured Transactions... - Has the SI Att…
Secured Transactions... - Has the Intere…
1. contractual SI's in personal property & fixtures ... 2. Notes…
(1) consumer goods (2) farm products (3) inventory... (4) equipm…
1. evidenced by possession or control or a written SI ... 2. sec…
1. Filing notice (i) file security agrmnt or recorded real es…
Secured Transactions... - Does Art 9 App…
1. contractual SI's in personal property & fixtures ... 2. Notes…
Secured Transactions... - Classify the C…
(1) consumer goods (2) farm products (3) inventory... (4) equipm…
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…
8 terms
Secured Transactions
Article 9 of the UCC applies...
Proper attachment
parties agreed to securing the securit…
general rule for PSMI
applies to all transactions that create a security interest i…
properly attached (and attachment is a prerequisite to perfec…
1. Creditor taking possession.... 2. Debtor's authentication of…
The general rule is that a perfected purchase money security…
Article 9 of the UCC applies...
applies to all transactions that create a security interest i…
Proper attachment
properly attached (and attachment is a prerequisite to perfec…
15 terms
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…
68 terms
Secured Transactions
Secured Transaction
What happens if the debtor defaults on…
Coverage of Notes: Attachment
Coverage of Notes: Perfection
An agreement between a debtor and creditor that the debtor's…
The creditor will have certain rights to repossess the collat…
The creation of a security interest.
Providing notice of a security interest to establish a claim…
Secured Transaction
An agreement between a debtor and creditor that the debtor's…
What happens if the debtor defaults on…
The creditor will have certain rights to repossess the collat…
59 terms
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…
20 terms
Secured Transactions
Security Interest
Debtor
Obligor
Goods
Under Article 9 of the UCC, a security interest is an interes…
A debtor is a person who has an interest, other than a securi…
An obligor is a person who is responsible in whole or in part…
Goods includes all things that are movable at the time the se…
Security Interest
Under Article 9 of the UCC, a security interest is an interes…
Debtor
A debtor is a person who has an interest, other than a securi…
45 terms
Secured Transactions
Secured transaction steps
Secured transaction parties
Scope of Article 9
Classes of collateral
(1) Attachment... (2) Perfection... (3) Priority... (4) Enforcement
Secured party -- individual who provides value in exchange fo…
(1) Secured interests in personal property or fixtures (NOT r…
(1) Goods... (2) Rights to payment... (3) Other
Secured transaction steps
(1) Attachment... (2) Perfection... (3) Priority... (4) Enforcement
Secured transaction parties
Secured party -- individual who provides value in exchange fo…
11 terms
Secured Transactions
Scope of governing law
Categories of personality and fixtures:
Attachment Requirements
Security Agreement Requirements:
Article 9 of the UCC governs consensual security interests in…
consumer goods - used for personal or familial purposes... equip…
VCR... -Value given by creditor... -a contract/security agreement t…
1) Be authenticated by debtor... 2) must reasonably identify the…
Scope of governing law
Article 9 of the UCC governs consensual security interests in…
Categories of personality and fixtures:
consumer goods - used for personal or familial purposes... equip…
19 terms
secured transactions
secured transaction definition
secured transactions: vocab
types of collateral: goods (how will d…
types of collateral: intangible property
transaction intended to create a security interest in persona…
debtor:... secured party: creditor... security agreement: agreement…
1. consumer goods: household purposes... 2. equipment: business…
1. instruments: does not include investment property... 2. docum…
secured transaction definition
transaction intended to create a security interest in persona…
secured transactions: vocab
debtor:... secured party: creditor... security agreement: agreement…
Secured Transactions
Consumer goods
Inventory
Instruments
Documents
Used or bought for use primarily for personal, family, or hou…
Held by a person who holds them for sale or lease or to be fu…
Negotiable instruments -- right to payment of monetary obliga…
Evidencing that person in possession is entitled to receive,…
Consumer goods
Used or bought for use primarily for personal, family, or hou…
Inventory
Held by a person who holds them for sale or lease or to be fu…
42 terms
Exempt Transactions
US gov securities and US gov agency se…
securities issued by non profits
muni bonds
Commercial paper and ST debt (<270 day…
Exempt (no SEC registration)
Exempt (no SEC registration)
Exempt (no SEC registration)
Exempt (no SEC registration)
US gov securities and US gov agency se…
Exempt (no SEC registration)
securities issued by non profits
Exempt (no SEC registration)
22 terms
Secured Transactions
Definition
Terminology
Purchase Money Security Interest (PMSI)
Types of Collateral: Goods
Transaction that creates security interest in property... Usuall…
Debtor - owes payment... Secured party - creditor... Security agree…
Seller-Financed - secured party sells debtor collateral on cr…
Goods - tangible, movable personal property... Test - how is deb…
Definition
Transaction that creates security interest in property... Usuall…
Terminology
Debtor - owes payment... Secured party - creditor... Security agree…
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