Answered: Who is personal creditor and how the…

Business

Accounting

Who is personal creditor and how the personal creditors can claim their debt from commercial company

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter6: Building And Maintaining Good Credit

Section6.3: Obtaining Credit And Building A Good

Problem 2CC

See similar textbooks

Related questions

Q: Describe the accounting procedures involved in applying the direct financing method by a lessor.

A: Direct financing lease or operational lease method meaning given below:

Q: What interest rate is the bank required by law to report to potential borrowers? (I

A: Effective annual interest rate is also called annual rate of return . It is the real return…

Q: What is a creditor

A: Given the following question: What is a creditor?

Q: The creditor is interested to know the liquidity of the company. which financial statement provides…

A: Explanation related to Liquidity ratio is given below,

Q: What is a personal statement of financial position?

A: Answer: A personal statement of financial position is nothing but a document that entails the…

Q: How can Kate determine whether sentiments will be able to meet its interest and principal payments…

A: Step 1 Financial statements will provide information related to the company’s revenue, expenses,…

Q: what is creditor and debtor?

A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and…

Q: What is a Creditors Reconciliation ?

A: Reconciliation refers to the various balances in the books we keep, whereas third-party…

Q: How did you get the loan repayment and bank loan?

A: Bank Loan is a non-current liability of the business and it is borrowed to finance long term plans…

Q: How to make a personal financial statement?

A: Personal Dinancial statement is a summary statement of individual financial position, it contains…

Q: How long-term deposit accounts benefit borrowers

A: A deposit account is an account that is held by the customers of a bank and financial institutions…

Q: Write a persuasive statement either supporting or opposing a bank's right to assign a mortgage to a…

A: A mortgage payment usually consists of four main components: principle, interest, taxes, and…

Q: w do yo

A: Introduction : A credit history can be understood as a history of a debtor's timely debt repayments.…

Q: What are the primary tools, and how are they used by lenders when determining whether they will lend…

A: Introduction : The given question relates to the concept of creditworthiness. The creditworthiness…

Q: Liabilities represent amounts owed to outsiders (creditors) expected to be received from customers…

A: The balance sheet represents the financial position of the business. It records the assets and…

Q: What is the impact of annuity dues in consideration to business matter?

A: Annuity Due: It is the fixed amount of payment that is due immediately at the beginning of each…

Q: Why should you and should not sign a personal guarantee for a business loan?

A: The personal guarantee for a business loan refers to the assurance by the company or a business…

Q: Explain how suppliers and creditors evaluate the liquidity of a client based on the customer's…

A: Introduction: The capacity of a corporation to satisfy its immediate or short-term financial…

Q: A(n) _________ is a lender, seller, or any other person in whose favor there is a security interest.…

A: Following are the definitions: Unsecured Creditor: A creditor not having the benefit of security…

Q: What is the basic obligation of a depositary bank to its depositor

A: Depositor means a person who deposits money into the bank for the purpose of savings. Depositary…

Q: Why is it necessary for the bank to have the right to assign a mortgage to a third party (for…

A: Assignment of mortgage to a third party : It is referred to as an agreement in loan obligations are…

Q: suppliers and creditors evaluate the liquidity of a client based on their payment behavior

A: Liquidity means the ability of the business to meet its short term obligations.

Q: What is a debtor

A: Solution:- Debtor meaning as follows under:-

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Answer: External user.

Q: How Do We Manage our Credit Card Debt?

A: There are many ways to manage the credit card debt. Some of them are below: Pay more than the…

Q: Explain how bills of endorsement work. Are they classified as Off-Balance-Sheet (OBS) assets or OBS…

A: An endorsement of bill is defined as the procedure through the bill holder or maker for bill…

Q: Benefits of account holders in personal loans ؟

A: Solution- Personal loans A personal loan could be a loan taken by an individual to fund any…

Q: When do businesses record warranty expense, and why?

A: Warranty: It is an agreement made by the company to provide guarantee against the defects in the…

Q: ovide example of accounting treatment for transactions related to loan in two situations as…

A: Loan : It is the amount which is borrowed by the individual to fulfil his/her needs. When amount…

Q: Which of the following is not use to assess whether credit should be extended to a household? a.…

A: When credit is extended to a household, certain criteria need to be fulfilled before loan can be…

Q: Which types of loans to executives are permitted by the Sarbanes–Oxley Act?

A: Personal loans to executives are not allowed under Sarbanes–Oxley Act as it may lead to lack of…

Q: When do businesses record warranty expenses, and why?

A: Warranty: It is an agreement made by the company to provide guarantee against the defects in the…

Q: A financial institution that is owned by its members and offers them banking services and ovides…

A: Buildings Society - It Resembles like Credit Union as it is Owned by its members and Also Provide…

Q: How do legal considerations affect a firm’s credit policy?

A: Four elements of credit policies are as follows: 1) Cash discount 2) Credit period 3) Credit…

Q: borrower’s personal investment in the operations of a business

A: The correct answer is b. Capital.

Q: What kinds of fees and penalties can be levied on savings accounts?

A: Bank: It is a financial institution that accept deposits from and provide loan to public. This…

Q: discuss the process of applying for a business loan.

A: A business loan is a loan that is intended primarily for business purposes. It includes the…

Q: Then what was the difference between a creditor and a debtor?

A: In normal course of business goods are sold and Purchased in cash and on account. Every business has…

Q: What occurs when a business pledges its receivables?

Q: is purchashing something on credit an operating activity or a financial activity

A: Assuming that purchase of something as the purchase of inventory.

Q: what are investor and creditor？

A: Investor: An investor is a person or organization who invests the money into the business with an…

Q: What occurs when a business factors its receivables?

Q: w do account holders

A: Home loans : A house loan is a sum of money borrowed from a bank or money lending firm at a fixed…

Q: What are the use of primary tools, and how are they used by lenders when determining whether they…

A: The primary tools used by the lenders include the 5 C's of credit, which helps the lenders in…

Question

100%

Please answer with explanation

Thanks

Who is personal creditor and how the
personal creditors can claim their debt from
commercial company

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction:

VIEW

Step 2 Explanation:

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Liabilities represent amounts owed to outsiders (creditors) expected to be received from customers owned charged to customers
Which of the following is true of a credit applicant's character? a. It reflects any unique conditions surrounding a credit applicant's transaction. b. It reflects the level of liquid assets available with a credit applicant. c. reflects a credit applicant's past payment history. d. It reflects a credit applicant's ability to repay his debt obligation.
: Provide example of accounting treatment for transactions related to loan in two situations as following Personal loan Personal guarantees The accounting treatment include the payment of the loan and return the loan to the bank , interest rate , commission
What is accounting? What is the distinction between debtor and creditor? What is a contingent liability? What is principles of accounting?
What is a creditor
What rules are in place to protect consumers' financial information?
What are the primary tools, and how are they used by lenders when determining whether they will lend money to you? PLEASE CITE REFERENCES
Due to banks Deposits from customers Other liabilities Subordinated debt Taxation classify it into current liabilities and non current liabilities ?
Which of the following is not use to assess whether credit should be extended to a household? a. The amount of income earned. b. The amount of debt outstanding. c. The history of timely repayments of debt owed. d. Whether the loan is secured by an asset. e. All of the above are used to assess credit.
please make debtor /sales journal creditor/purchase journal
Which of the following pieces of information would you not expect a potential credit customer to provide in a credit application form? A.The name of their spouse and their spouse's personal bank account details B.the name of their bank C.a list of other debts D.a list of assets
Documents of credit appraisal for individual loan.