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PowerPoint Presentation Recording transactions in the Creditors Allowances Journal (CAJ) Before we start answer the questions 1 Give another name for a debtor Answer: Customer Identify the two prices that are involved in credit sales Answer: Cost price and selling price Explain the triple-entry system
Slide 1 Liabilities are claims by creditors against assets Creditors are individuals and organizations that have rights to receive payments from a company This is a listing of common liability accounts we are likely to see in the general ledger Accounts payable are promises to pay later, which usually come from purchases of merchandise for resale
Reporting and Interpreting Liabilities Creditors often require the borrower to pledge specific assets as security for the long-term liability Long-Term Notes Payable and Bonds Relatively small debt needs can be filled from single sources Banks Insurance Companies Pension Plans
Revolving Loan Funds - mnado. org Is the denial policy related? Are there alternative funding sources? Addressing loans in default Creditors meeting Default letters Alternative Repayment Plan Intercreditor Agreements
Financial Distress, Managerial Incentives, and Information When a firm fails to pay its interest or principal debt obligations (or violates debt covenants) it is in default When in default the debt holders have the legal right to seize control through the process of bankruptcy “financial” versus “economic” distress
DIRECTORS’ DUTY TO CREDITORS AND OPTIMAL DEBT CONTRACT For two reasons: (i) the duty to creditors might not be enough to move the credit market to separating equilibria → as a matter of financial theory, creditors’ payoffs in pooling and separating equilibria are the same (ii) reduce uncertainty in legal relationship (i) The Nash bargaining induced b
OBE-18 Business Law Usually, to perfect a claim, the secured party must file a financing statement