Study sets matching "transactions"

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Study sets matching "transactions"

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
...
63 terms
Secured Transactions
Secured Transaction
Collateral
What can be considered collateral?
Inventory
A loan of money plus a security interest in personalty, so if…
The property that is used to create the security interest
Tangible movable things: inventory or equipment, Farm Product…
tangible collateral -goods held by a business for sale/lease…
Secured Transaction
A loan of money plus a security interest in personalty, so if…
Collateral
The property that is used to create the security interest
21 terms
Secured Transactions
Secured Transactions
Secured Party
Security Interest
Security Agreement
Getting Debtor to voluntarily put up collateral... -get debtor t…
Creditor, lender, seller or other person in whose favor a sec…
interest held by Creditor in the collateral that the debtor v…
Contract between Debtor and Secured Party in which the Debtor…
Secured Transactions
Getting Debtor to voluntarily put up collateral... -get debtor t…
Secured Party
Creditor, lender, seller or other person in whose favor a sec…
Secured Transactions
Basic Approach to Secured Transactions
Scope of Article 9
Exclusions from Article 9
Classification of Collateral---Goods
Step 1 Is the transaction w/in scope of Article 9... Step 2
1. Collateralized Transaction (most common)... - Any transactio…
1. Rights governed by Federal Law... 2. Real property, except fi…
Goods --- movable items and fixtures... - Specific inclusions:…
Basic Approach to Secured Transactions
Step 1 Is the transaction w/in scope of Article 9... Step 2
Scope of Article 9
1. Collateralized Transaction (most common)... - Any transactio…
20 terms
Secured Transactions
Secured transactions
Collateral
Types of collateral- goods
Security arrangement
An agreement where a creditor rejceives additional assurance…
The personal property that is subject to the creditor's secur…
Consumer goods are goods for personal use... Equipment is goods…
The agreement between the debtor and creditor that gives the…
Secured transactions
An agreement where a creditor rejceives additional assurance…
Collateral
The personal property that is subject to the creditor's secur…
Transactions ACC
revenue
expense
cash
accounts receivable
revenue, income statement, credit
expense, income statement, debit
asset, balance sheet, debit
asset, balance sheet, debit
revenue
revenue, income statement, credit
expense
expense, income statement, debit
Financial Transactions
Account Payable
Account Receivable
Adjustments
Balance
Writing checks to pay bills.
Money owed to the medical facility.
Increase or decrease in the amount of pay to patients.
The difference between debit and credit.
Account Payable
Writing checks to pay bills.
Account Receivable
Money owed to the medical facility.
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
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
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…
29 terms
Commercial transactions
Sales contract
Sale
Tangible property
Intangible property
Contracts governed by Article 2 of UCC, contracts for the sal…
"Passing of title (evidence of ownership rights) from seller…
Physical existence, moveable, characterized as a good, seen/t…
Conceptual existence doesn't go under Article 2 ex: stocks, b…
Sales contract
Contracts governed by Article 2 of UCC, contracts for the sal…
Sale
"Passing of title (evidence of ownership rights) from seller…
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
SAP transactions
forecast sales
calculate requirements
change price
purchase orders
-MD61... -create planned independent requirements
-MD01... -run MRP
-VK32
-ZME2N... -shows these for POs: issue date, expected arrival of…
forecast sales
-MD61... -create planned independent requirements
calculate requirements
-MD01... -run MRP
Property Transactions
Overall Formula
Marginal Tax rate
Average Tax rate
Effective Tax rate
Income... - Exclusions... =Gross Income... -Deductions... =Taxable income…
The tax rate that applies to the next $1 of income... change in…
Tax liability/Taxable income... total tax/taxable income
Tax liability/total economic income (financial income)... total…
Overall Formula
Income... - Exclusions... =Gross Income... -Deductions... =Taxable income…
Marginal Tax rate
The tax rate that applies to the next $1 of income... change in…
18 terms
Secured Transactions
Scope Art. 9
Attachement
Proceeds
Perfection
Security interest in personal property or fixtures... Consignmen…
Unless in possession or control- Need Security agreement... 1. a…
Property secured generally includes identifiable proceeds... Com…
When assuring priority, be sure to run search under debtor's…
Scope Art. 9
Security interest in personal property or fixtures... Consignmen…
Attachement
Unless in possession or control- Need Security agreement... 1. a…
44 terms
Secured Transactions
What is the scope of Article 9
Purchase Money Security Interest (PMSI)
Tangible Collateral (four types)
Intangible/Semi-Intangible Collateral…
Applies to personal property and fixtures... Includes outright s…
Has priority over all other security interests in the same go…
(movable goods)... Consumer goods... Farm products (crops/livestock…
Instruments (promissory notes, checks/drafts)... Documents (Repr…
What is the scope of Article 9
Applies to personal property and fixtures... Includes outright s…
Purchase Money Security Interest (PMSI)
Has priority over all other security interests in the same go…
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…
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…
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…
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…
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
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.
53 terms
International Transactions
Destination contract
Shipment contract ... (more common)
Federal Bills of Lading Act
Functions of U.S. Customs
Calls for the seller to deliver the goods to a particular des…
Calls for the seller to ship goods via carrier. Risk of loss…
The laws governing the negotiability of bills of lading for g…
-Ensure that all imports and exports comply with U.S. laws an…
Destination contract
Calls for the seller to deliver the goods to a particular des…
Shipment contract ... (more common)
Calls for the seller to ship goods via carrier. Risk of loss…
Security transactions
Loan
Floating charge
Collateral
Consensual
The act of giving money, property or other material goods to…
A security interest in the assets of a debtor permits a debto…
The property of a debtor secures the interest of a creditor.
Implied by a security agreement
Loan
The act of giving money, property or other material goods to…
Floating charge
A security interest in the assets of a debtor permits a debto…
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…
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…
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…
53 terms
Secured Transactions
ARTICLE 9 GENERAL CONSIDERATIONS... ... sco…
ARTICLE 9 GENERAL CONSIDERATIONS... secu…
ARTICLE 9 GENERAL CONSIDERATIONS... comm…
ARTICLE 9 GENERAL CONSIDERATIONS... when…
i. Any transaction that creates a SI in personal property or…
an interest in personal property or fixtures which secures pa…
i. The retention or reservation of title by a seller of goods…
If the apparent lessee is not truly paying for temporary poss…
ARTICLE 9 GENERAL CONSIDERATIONS... ... sco…
i. Any transaction that creates a SI in personal property or…
ARTICLE 9 GENERAL CONSIDERATIONS... secu…
an interest in personal property or fixtures which secures pa…
Secured Transactions
What is a secured transaction?
Types of Tangible Collateral
Types of Intangible Rights
Creating Attachment
Generally a loan of money plus a security interest in movable…
Purpose for which the debtor holds the collateral ... Inventory:…
Account: right to collect on a promise to pay the debtor late…
1. Value must be given (past/present loan, promise of future…
What is a secured transaction?
Generally a loan of money plus a security interest in movable…
Types of Tangible Collateral
Purpose for which the debtor holds the collateral ... Inventory:…
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…
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)…
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
...
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
65 terms
Secured Transactions
Secured Transaction
Security Interest
PMSI
Future Advance Clause
Transaction intended to create a security interest in persona…
Interest in personal property or fixtures which secures payme…
Purchase Money Security Interest - Credit/loan proceeds must…
Permissible to secure future loans to the debtor in present s…
Secured Transaction
Transaction intended to create a security interest in persona…
Security Interest
Interest in personal property or fixtures which secures payme…
72 terms
Secured Transactions
Secured transaction
Security interest
Collateral
After acquired property clause
A secured transaction is a transaction intended to create a s…
A security interest is an interest in personal property or fi…
Collateral is the property subject to a security interest. Co…
An after acquired property clause allows a secured party to o…
Secured transaction
A secured transaction is a transaction intended to create a s…
Security interest
A security interest is an interest in personal property or fi…
Secured Transactions
Secured Transaction
Tangible, Moveable Goods
Inventory
Equipment
Business deal, generally a loan of money, with security in a…
Question is WHAT is debtor doing with the item when the secur…
Goods held by a business for sale/lease OR any raw or consuma…
Catch all - anything owned by a business that is not within a…
Secured Transaction
Business deal, generally a loan of money, with security in a…
Tangible, Moveable Goods
Question is WHAT is debtor doing with the item when the secur…
Secured Transactions
Secured Transactions Generally
UCC Article 9 - Scope
Debtor
Secured party / Secured creditor
Generally: Debtor buys something on credit from another party…
Scope of UCC Article 9:... (1) Applies to (i) consensual (doesn'…
Entity who owes the money
Entity who lends the money
Secured Transactions Generally
Generally: Debtor buys something on credit from another party…
UCC Article 9 - Scope
Scope of UCC Article 9:... (1) Applies to (i) consensual (doesn'…
12 terms
Secure Transactions
Judgment Lien Creditor vs. PMSI Invent…
PMSI in Inventory Takes Priority
PMSI- Consumer goods
PMSI by both Seller and Bank/Lender... Pr…
judgment lien creditor has priority over the judgment debtor'…
PMSI in inventory will only prevail over all other security i…
Perfection of PMSI within 20 days allowed if interests in goo…
Both Seller and Bank have purchase money security interests (…
Judgment Lien Creditor vs. PMSI Invent…
judgment lien creditor has priority over the judgment debtor'…
PMSI in Inventory Takes Priority
PMSI in inventory will only prevail over all other security i…
206 terms
Secured Transactions
Definition of Secured Transactions
Secured Transactions: Look for:
Hypo: Hilda borrows $20,00 from First…
What/who is the secured party?
A secured transaction is a transaction intended to create a s…
Look for: (1) a credit transaction (sale on credit or a loan)…
Debtor: the person who owes payment or performance of the obl…
Secured party: a lender, seller or other person in whose favo…
Definition of Secured Transactions
A secured transaction is a transaction intended to create a s…
Secured Transactions: Look for:
Look for: (1) a credit transaction (sale on credit or a loan)…
22 terms
Secured Transactions
Scope... (application)
Scope... (tangible collateral)
Scope... (intangible collateral)
Attachment [creation]... (requirements)
ARTICLE 9... CONSENSUAL security interests in personalty or fix…
**classified via DEBTOR'S PRIMARY USE (subjective)... CONSUMER…
patents, trademarks, copyrights, stocks, bonds, mutual funds,…
attachment = SI enforceable... 1. VALUE must be given by credit…
Scope... (application)
ARTICLE 9... CONSENSUAL security interests in personalty or fix…
Scope... (tangible collateral)
**classified via DEBTOR'S PRIMARY USE (subjective)... CONSUMER…
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
37 terms
Secured Transactions
Goods
Fixtures
Accessions
Commingled goods
Goods include all things that are moveable at the time the se…
Fixtures are goods that become so related to particular real…
Accessions are goods that are physically united with other go…
Commingled goods are goods that are physically united with ot…
Goods
Goods include all things that are moveable at the time the se…
Fixtures
Fixtures are goods that become so related to particular real…
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…
purchase transactions
Occurrence
Occurrence
Occurrence
Completeness
SOD
Purchase not recorded without approved purchase order and rec…
accounting for numerical sequence of receiving reports and vo…
Accounting for numerical sequence of purchase orders, receivi…
Occurrence
SOD
Occurrence
Purchase not recorded without approved purchase order and rec…
34 terms
Secured Transactions
Secured Transactions:... Defined:
Secured Transactions Terms:... Debtor:
Secured Transactions Terms:... Secured Pa…
Secured Transactions Terms:... Security A…
a transaction intended to create a security interest in perso…
the person who owes payment or performance of hte obligation…
a lender, seller or other person in whose favor there is a se…
The agreement between the debtor and the secured party that c…
Secured Transactions:... Defined:
a transaction intended to create a security interest in perso…
Secured Transactions Terms:... Debtor:
the person who owes payment or performance of hte obligation…
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,…
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…
Secured Transactions
Purpose of article 9
security interest
secured party
Scope of article 9
facilitate standard commercial practices for borrowers to bor…
interest in personal property or fixtures which secures payme…
a person who holds a security interest in property. Includes:…
article 9 applies to a transaction that creates a security in…
Purpose of article 9
facilitate standard commercial practices for borrowers to bor…
security interest
interest in personal property or fixtures which secures payme…
21 terms
Secured Transactions
Requirements for Security Interest to…
Collateral
Tangible collateral
Intangible collateral
1. AGREEMENT by debtor to grant a security interest... 2. The le…
property in which the creditor has a secured interest; can be…
consumer goods, farm products, inventory, equipment, etc.
pieces of paper that represent money obligations e.g. instrum…
Requirements for Security Interest to…
1. AGREEMENT by debtor to grant a security interest... 2. The le…
Collateral
property in which the creditor has a secured interest; can be…
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