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Study sets matching "transactions"

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Study sets matching "transactions"

54 terms
Secured Transactions
3 Types of Collateral
4 Types of Goods
Consumer goods: definition
Equipment definition
Goods... Semi-intangible and intangible property
Consumer goods... Equipment (default category for goods)... Farm pr…
used or bought for use primarily for personal, family, or hou…
used or bought for use primarily in business
3 Types of Collateral
Goods... Semi-intangible and intangible property
4 Types of Goods
Consumer goods... Equipment (default category for goods)... Farm pr…
9 terms
Accounting Transactions
August 1. Received cash from owner as…
August 3. Paid cash for supplies, $275…
August 4. Paid cash for insurance, $1,…
August 7. Bought supplies on account f…
cash- increase... capital- increased
cash- decreased... supplies- increased
cash- decreased... insurance- increased
supplies- increased... accounts payable: supply depot- increased
August 1. Received cash from owner as…
cash- increase... capital- increased
August 3. Paid cash for supplies, $275…
cash- decreased... supplies- increased
15 terms
Secured transactions
Secured Transaction
Perfection
Default
Purchase-money security interest
Payment of a debt is guarenteed, or secured, by personal prop…
Legal process; secured parties protect themselves against cla…
Fail to pay debt when it is due.
Arises when a seller or lender extends credit for part or all…
Secured Transaction
Payment of a debt is guarenteed, or secured, by personal prop…
Perfection
Legal process; secured parties protect themselves against cla…
20 terms
Secured Transactions
After-Acquired Property
Attachment
Buyer in the Ordinary Course of Business
Chattel Paper
Property acquired by a debtor after the security arrangement…
(1) The point at which a creditor becomes a secured party who…
...
...
After-Acquired Property
Property acquired by a debtor after the security arrangement…
Attachment
(1) The point at which a creditor becomes a secured party who…
132 terms
Secured Transactions
3 things to look on essay for bc raise…
What UCC section governs secured trans…
Scope of Article 9 --> subject matter…
Scope of Article 9 --> subject matter…
1) Purchase money security instrument (PMSI)... 2) After Acquire…
Texas UCC Article 9
Collateralized Transaction* (most commonly tested) ... Sales of…
Rights governed by federal law (supremacy clause) ... Real Prope…
3 things to look on essay for bc raise…
1) Purchase money security instrument (PMSI)... 2) After Acquire…
What UCC section governs secured trans…
Texas UCC Article 9
20 terms
Secured Transactions
Collateral (Attachment)
Scope of Article 9
Lease w/option to buy good
Security Agreement
For a secured party to have rights against a debtor (e.g., ha…
A transaction regardless of its form which is intended to cre…
is treated as an Article 9 security interest
A security agreement itself is creating the *contract to sati…
Collateral (Attachment)
For a secured party to have rights against a debtor (e.g., ha…
Scope of Article 9
A transaction regardless of its form which is intended to cre…
34 terms
Secured Transactions
Secured transaction
look for
Purchase Money Security Interest (PMSI…
After acquired property clause
creates a security interest in personal property or fixtures
a credit transaction & an agreement that creates a lien in fa…
a. secured party sells debtor collateral on credit and retain…
allows secured party to attach security interest to property…
Secured transaction
creates a security interest in personal property or fixtures
look for
a credit transaction & an agreement that creates a lien in fa…
12 terms
Secured transactions
Article 9
u CC
Collateral
Attachment
Principal set of laws controlling security interest and objec…
Provides model laws governing commercial transactions in goods
Something pledges as security for a loan
is the point in time when a security interest and collateral…
Article 9
Principal set of laws controlling security interest and objec…
u CC
Provides model laws governing commercial transactions in goods
48 terms
Secured Transactions
Secured Transaction
Debtor
Secured Party
Security Agreement
A transaction intended to create a security interest in perso…
The person who owes payment or performance of the obligation…
A lender, seller, or other person in whose favor there is a s…
The agreement between the debtor and the secured party that c…
Secured Transaction
A transaction intended to create a security interest in perso…
Debtor
The person who owes payment or performance of the obligation…
13 terms
LBO Transactions
Leveraged Buy Out
LBO Booms are characterized by:
LBO Targets are companies with:
Dividend Recapitalization
A Leveraged Buy Out (LBO) is a financial transaction where a…
1. Financial Engineering / Regulatory Changes... 2. Low interest…
1. Positive and predictable Cash Flows... 2. Low Capex... 3. Low Wo…
When a company incurs a new debt in order to pay a special di…
Leveraged Buy Out
A Leveraged Buy Out (LBO) is a financial transaction where a…
LBO Booms are characterized by:
1. Financial Engineering / Regulatory Changes... 2. Low interest…
10 terms
Journalizing Transactions
Prepaid Insurance
Bought Supplies on Account
Paid Cash on Account
Paid Cash for Supplies
General Debit/Cash Credit
General Debit & Credit
General Debit/ Cash Credit
General Debit/ Cash Credit
Prepaid Insurance
General Debit/Cash Credit
Bought Supplies on Account
General Debit & Credit
Land Transactions
Types of Brokers
Licari v. Blackwelder
Broker Duties
Disclosure Obligations
1. Listing broker - represents seller... 2. Selling broker - re…
D was a broker and sold P's house for below market value only…
1. Duty of loyalty and good faith... 2. Duty to maximize/minimi…
1. Representation... 2. Material defects known to broker and un…
Types of Brokers
1. Listing broker - represents seller... 2. Selling broker - re…
Licari v. Blackwelder
D was a broker and sold P's house for below market value only…
28 terms
Secured Transactions
secured transaction
collateral
seller-financed PMSI
financer-finaced PMSI
transaction intended to create a security interest in persona…
property subject to a security interest that the secured part…
secured party sells debtor collateral on credit and retains a…
1. loan to a debtor that enables the debtor to buy specific c…
secured transaction
transaction intended to create a security interest in persona…
collateral
property subject to a security interest that the secured part…
27 terms
Secured Transactions
Secured Transaction Defined
Secured Transaction - Terminology
Types of Collateral - Goods
Types of Collateral - Semi-Intangible…
A transaction intended to create a security interest in perso…
DEBTOR = Person who owes payment or performance of the obliga…
*Ask -- How is debtor using collateral?... *Goods = tangible, mo…
(1) INSTRUMENTS = Negotiable instruments and any other writin…
Secured Transaction Defined
A transaction intended to create a security interest in perso…
Secured Transaction - Terminology
DEBTOR = Person who owes payment or performance of the obliga…
12 terms
Secured Transactions
Under Article 9 of the UCC, a security…
rticle 9 of the Uniform Commercial Cod…
Pursuant to Article 9, a security inte…
Under Article 9 of the UCC, attachment…
all of the applicable steps required for perfection have been…
secured transactions as applied to personal property and fixt…
by an agreement. A security interest is not enforceable until…
(1) that the creditor give value to the debtor; (2) a record…
Under Article 9 of the UCC, a security…
all of the applicable steps required for perfection have been…
rticle 9 of the Uniform Commercial Cod…
secured transactions as applied to personal property and fixt…
33 terms
Secured Transactions
Attachement
Security Agreement
Floating Lien
After-Acquired Property: Consumer Good…
1. Creditor gave value... 2. Security agreement/K ... 3. Debtor has…
K b/w debtor and creditor in where debtor gives creditor a se…
1. Using new property as collateral for old loan... 2. debtor ca…
An after-acquired property clause will work only for new cons…
Attachement
1. Creditor gave value... 2. Security agreement/K ... 3. Debtor has…
Security Agreement
K b/w debtor and creditor in where debtor gives creditor a se…
111 terms
Secured Transactions
Three types of Liens
Types Statutory Liens
Common Law Liens
Judicial Liens
Statutory... Common Law Liens... Judicial Liens
Taxes: When you don't pay your taxes the gov't cane come in a…
Liens which derive from case law.
Execution Liens;... Garnishment Liens;... Judgment Lines... All are n…
Three types of Liens
Statutory... Common Law Liens... Judicial Liens
Types Statutory Liens
Taxes: When you don't pay your taxes the gov't cane come in a…
15 terms
Accounting Transactions
Provide Services on Account
make credit sale with % trade discount
provide sales allowance for credit sale
collect cash on account with % sales d…
debit: accounts receivable ... credit service revenue
d:accounts receivable... c: service revenue
d: sales allowances... c: accounts receivable
d: cash... d: sales discounts... c: accounts receivable
Provide Services on Account
debit: accounts receivable ... credit service revenue
make credit sale with % trade discount
d:accounts receivable... c: service revenue
113 terms
Secured Transactions
Unsecured Creditor Remedies
Judgment Creditors can
Secured Credit (interest)
Purchase Money- security interest
1. file a law suit and get judgment 2. use judgement to pursu…
1. Garnish- procedure used to seize an asset of a 3d party wh…
when a person/entity=debtor borrows money from creditor and t…
SI given to secure either part of the purchase price of the c…
Unsecured Creditor Remedies
1. file a law suit and get judgment 2. use judgement to pursu…
Judgment Creditors can
1. Garnish- procedure used to seize an asset of a 3d party wh…
11 terms
Acct Transactions
Accounts receivable transactions
Interest owend
Cash received immediately on deposit
Cash received some time after deposit
Credit sale:... Debit: accounts receivable... Credit: sales ... Prior…
...
Debit: cash... Credit card exp.... Credit: sales
Debit: accounts rec.... Credit card exp.... Credit: sales... When pa…
Accounts receivable transactions
Credit sale:... Debit: accounts receivable... Credit: sales ... Prior…
Interest owend
...
47 terms
Secured Transactions
Secured Trans Def
Collateral Categories
Attachment
Necessary description of collateral fo…
Business deal, generally a loan of money, plus a security int…
(i) Tangible, movable things [inventory/equipment] (ii) Consu…
Creation of rights against the debtor. 3 things must occur: (…
Must simply REASONABLY IDENTIFY, generally by categories disc…
Secured Trans Def
Business deal, generally a loan of money, plus a security int…
Collateral Categories
(i) Tangible, movable things [inventory/equipment] (ii) Consu…
17 terms
Legal transactions
constitution
laws and regulations
ownership
possession(s)
Verfassung
Gesetze und Verordnungen
Eigentum (im juristischen Sinn)
Eigentum, Besitztümer (Gegenstände)
constitution
Verfassung
laws and regulations
Gesetze und Verordnungen
40 terms
Secured Transactions
Scope of Article 9
ST Framework
Consumer Goods (ST)
Equipment (ST)
Consensual SI in property (other than RE) or Fixtures
(1) Classify Collateral ... (2) Attachment... (3) Perfection... (4) Pr…
Items used for personal or household purposes
Items used in business
Scope of Article 9
Consensual SI in property (other than RE) or Fixtures
ST Framework
(1) Classify Collateral ... (2) Attachment... (3) Perfection... (4) Pr…
80 terms
Secured Transactions
Attachment
Perfection
Obligor
Debtor
Creation of security interest
Providing notice of a security interest
The party who must pay or perf the obligation that the collat…
Has an interest, other than a security interest, in the colla…
Attachment
Creation of security interest
Perfection
Providing notice of a security interest
19 terms
Secured Transactions
Scope of Article 9 of UCC
Collateral--tangible goods
Collateral--intangible/semitangible go…
Three requirements for attachment
Applies to consensual security interests in personalty (goods…
consumer goods, equipment (items used in business), inventory…
patents, copyrights, trademarks, stocks, bonds, mutual funds,…
Attachment means that security interest is enforceable... Value…
Scope of Article 9 of UCC
Applies to consensual security interests in personalty (goods…
Collateral--tangible goods
consumer goods, equipment (items used in business), inventory…
42 terms
Secured Transactions
Picket Fences
Types of Collateral
Article 9 Lien
Types of Goods
1. Scope of Article 9?... 2. Class of Collateral?... 3. Attachment…
1. Goods... 2. Non-Goods
Consensual Lien in Personal Property
1. Consumer Goods... 2. Farm Products... 3. Inventory... 4. Equipment
Picket Fences
1. Scope of Article 9?... 2. Class of Collateral?... 3. Attachment…
Types of Collateral
1. Goods... 2. Non-Goods
19 terms
Secured Transactions
Scope of Article 9
How does creditor Attach?
How to Perfect
Debtor defaults
Consensual securities interests in personalty and fixtures.
V alue (given by creditor)... C ontract (the security agreement…
(i) filing a financing statement, (ii) possessing the collate…
Article 9 has statutory and judicial remedies
Scope of Article 9
Consensual securities interests in personalty and fixtures.
How does creditor Attach?
V alue (given by creditor)... C ontract (the security agreement…
10 terms
journalizing transactions
Journal
Jouranlizing
Entry
Double-Entry Accounting
A form recording transactions in chronological order.
Recording transactions in a journal.
Information for each transaction recorded in a journal.
The recording of debit and credit parts a transaction.
Journal
A form recording transactions in chronological order.
Jouranlizing
Recording transactions in a journal.
19 terms
Secured Transactions
First to file and perfect rule
Attachment happens when
Perfection happens
PMSI
Whoever was the first to file and perfect, they get to have p…
1) creditor extends value ... 2) a contract (security agreement…
When possession of the collateral takes place
Purchase money security interest is an interest that enables…
First to file and perfect rule
Whoever was the first to file and perfect, they get to have p…
Attachment happens when
1) creditor extends value ... 2) a contract (security agreement…
32 terms
Secured Transactions
Security Interest/Collateral
Requirements for a Security Interest t…
Situations in which Automatic Perfecti…
Situations in which Automatic Perfecti…
A security interest attaches to collateral when it becomes en…
Note that if a debtor does not own the collateral, then he ca…
The assignment of accounts or payment intangibles that does n…
In a situation where a party has certificated securities, neg…
Security Interest/Collateral
A security interest attaches to collateral when it becomes en…
Requirements for a Security Interest t…
Note that if a debtor does not own the collateral, then he ca…
17 terms
Interfund Transactions
The four types of interfund transactio…
Out of the four interfund transactions…
Descriptions of Interfund Loans:
Interfund Loans: Journal Entry - fund…
1) Interfund Loans ... 2) Interfund Services... 3) Interfund Transf…
Reciprocal: Interfund Loans & Interfund Services ... Nonreciproc…
resources are provided from one fund to another with the expe…
Due from Other Fund............ Dr... Cash.....................…
The four types of interfund transactio…
1) Interfund Loans ... 2) Interfund Services... 3) Interfund Transf…
Out of the four interfund transactions…
Reciprocal: Interfund Loans & Interfund Services ... Nonreciproc…
83 terms
secured transactions
security interest
right to redeem
types of forclosures
deed in lieu of foreclosure
An interest in property that is contingent on non-payment of…
Debtor's right to pay debt and own the property free and clea…
Judicial Foreclosure, Power of sale Foreclosure, UCC foreclos…
-Voluntary transfer of the debtor's ownership / right to rede…
security interest
An interest in property that is contingent on non-payment of…
right to redeem
Debtor's right to pay debt and own the property free and clea…
58 terms
Secured Transactions
Seller-Financed PMSI
Creditor-FInanced PMSI
After-Acquired Property Clauses
Future Advance Clause
Secured party sells debtor collateral on credit and retains a…
A loan to the debtor that enables him to buy specific collate…
This clause in a security agreement will give the secured par…
When a security agreement contemplates future loans to debtor…
Seller-Financed PMSI
Secured party sells debtor collateral on credit and retains a…
Creditor-FInanced PMSI
A loan to the debtor that enables him to buy specific collate…
13 terms
Business transactions
교환하다
환불하다
환전하다
변경하다
To exchange goods
To refund
To exchange money
To change
교환하다
To exchange goods
환불하다
To refund
155 terms
Banking transactions
adverse
benefit
development
diminish
kedvezőtlen
előny, haszon
fejlemény
csökkent
adverse
kedvezőtlen
benefit
előny, haszon
10 terms
Journalizing Transactions
Journal
Journalizing
Entry
Double-entry accounting
A form for recording transaction in chronological order.
Recording transactions in a journal.
Information for each transaction recorded in a journal.
The recording of debits and credits part of a transaction
Journal
A form for recording transaction in chronological order.
Journalizing
Recording transactions in a journal.
10 terms
Nonrecognition Transactions
Nonrecognition Transactions
Like Kind Exchanges
Like Kind
Like Kind Exchanges (Sec 1031)
General Rule:... - recognize all realized gains during the tax y…
Defers gain/loss recognition when property used in a trade or…
similar in nature or character, not grade or quality
- general asset classes defined by IRS for personal property…
Nonrecognition Transactions
General Rule:... - recognize all realized gains during the tax y…
Like Kind Exchanges
Defers gain/loss recognition when property used in a trade or…
26 terms
Secured Transactions
Secured transactions
Pledge
Security agreement
Financing statement
Who gets stuff when debtor defaults... Art 9 of UCC... Allow subseq…
Possession of collateral by sec creditor
Contract setting out secured party's rights... Includes: convena…
Form w/ name of debtor and secured party, description of coll…
Secured transactions
Who gets stuff when debtor defaults... Art 9 of UCC... Allow subseq…
Pledge
Possession of collateral by sec creditor
21 terms
Secured Transactions
Collateral
Tangible Goods
Intangible/Semi
Proceeds
1. Tangible/Goods... 2. Intangible/Semi... 3. Proceeds
Consumer goods... Inventory... Farm products (crops and animals)... Eq…
Instruments... Documents (bills of lading/receipts)... Chattel pape…
Insurance unless payable to someone else... Claims for loss, def…
Collateral
1. Tangible/Goods... 2. Intangible/Semi... 3. Proceeds
Tangible Goods
Consumer goods... Inventory... Farm products (crops and animals)... Eq…
61 terms
Secured Transactions
SCOPE OF ARTICLE 9 (9-109)
"by contract"
"which is intended to create a securit…
"regardless of its form"
Article 9 governs the relationship between Debtors and Credit…
Article 9 only applies to consensual liens - they have enhanc…
Article 9 governs security interests in all types of personal…
if the effect of the parties' arrangement is to make personal…
SCOPE OF ARTICLE 9 (9-109)
Article 9 governs the relationship between Debtors and Credit…
"by contract"
Article 9 only applies to consensual liens - they have enhanc…
15 terms
Secured Transactions
Attachment 9-203
Perfection and Priority of Security In…
Lapse 9-515
Lien Creditor
A security interest attached to collateral when it becomes en…
The law of the state of the debtor's location will govern per…
Financing Statements are valid for 5 years. Thereafter they b…
A lien creditor is typically an unsecured creditor who obtain…
Attachment 9-203
A security interest attached to collateral when it becomes en…
Perfection and Priority of Security In…
The law of the state of the debtor's location will govern per…
46 terms
Secured Transactions
Secured Trx - define secured transacti…
Secured Trx - what UCC Article covers…
Secured Trx - what are the 2 types of…
Secured Trx - what are some examples o…
a transaction where a creditor either lends money or extends…
Article 9
tangibles... intangibles
- inventory... - equipment... - consumer goods... - chattel paper
Secured Trx - define secured transacti…
a transaction where a creditor either lends money or extends…
Secured Trx - what UCC Article covers…
Article 9
15 terms
Accounting Transactions
Accounts Receivable
credit card fees
accounts payable
profit
assets
expense
liabilities
assets
Accounts Receivable
assets
credit card fees
expense
40 terms
Secured Transactions
UCC Article 9
Secured party/secured creditor
Security interest
Collateral
Applies to 1) consensual security interests in i) personalty…
Entity that has security interest. Security agreement - contr…
Interest in personal property or fixtures which secures payme…
Fixtures or personality subject to security interest. Credito…
UCC Article 9
Applies to 1) consensual security interests in i) personalty…
Secured party/secured creditor
Entity that has security interest. Security agreement - contr…
45 terms
Secured Transactions
Secured Transaction
DR, SP, SA, SI
COLL, PMSI, AACOLL
FA, Attachment, PERF, FS
A transaction intended to create a security interest in perso…
1. Debtor (DR): person who owes payment or performance of the…
5. COLL: property subject to a SI. COLL is prop that the SP c…
8. Future advances clause (FA): SP may contemplate making fut…
Secured Transaction
A transaction intended to create a security interest in perso…
DR, SP, SA, SI
1. Debtor (DR): person who owes payment or performance of the…
16 terms
Recording transactions
Sales return
Carriage inwards
Purchase return
Carriage outwards
Hàng bán bị trả lại
Chi phí vận chuyển hàng
Hàng mua bị trả lại
Chi phí vận chuyển hàng ra
Sales return
Hàng bán bị trả lại
Carriage inwards
Chi phí vận chuyển hàng
20 terms
Secured Transactions
Attachment
Perfection
Lien
Mechanics Lien
security agreement to create a security interest... Value given…
Where a creditor who has a security interest in (collateral)…
claim on someone else's property... can be created by statute-…
lien on real property... work done by contractor- electrician,…
Attachment
security agreement to create a security interest... Value given…
Perfection
Where a creditor who has a security interest in (collateral)…
19 terms
secured transactions
purchase money security interests
types of goods for collateral
types of collateral
attachment
creditor sells collateral to debtor on credit, or creditor ad…
consumer goods, inventory, and equipment
goods, intangible collateral accounts ( right to A/R), invest…
must have authenticated record of security agreement or posse…
purchase money security interests
creditor sells collateral to debtor on credit, or creditor ad…
types of goods for collateral
consumer goods, inventory, and equipment
21 terms
Accounting Transactions
owner invested in company
paid cash for supplies
paid cash for insurance
bought supplies on account
...
...
...
...
owner invested in company
...
paid cash for supplies
...
35 terms
Secured Transactions
Lease vs. security interest:
True lease and a disguised financing
Economic reality test:
Security agreement:
security interest may be enforced only for the remaining debt…
- the debtor is not the owner of the equipment under a true l…
if lessee develops equity in the leased property, such that t…
a written agreement between a borrower and a lender that give…
Lease vs. security interest:
security interest may be enforced only for the remaining debt…
True lease and a disguised financing
- the debtor is not the owner of the equipment under a true l…
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