In every financial accounting textbook, the authors explain in detail about "Users and Uses of Financial Accounting." Accounting information such as cash flow statements, income statements, and balance sheets are important documents that are kept to ensure that the company is recording everything correctly. The users of this accounting information are divided into two categories, internal and external...more
The old adage says Haste makes Waste, and caution is your only friend. How true such a proverb is when it comes to the world of personal financial planning. Caution means that you stop and look at all options before making any decisions in order to ensure that more often than not the result is a sound decision with a positive outcome. This step is almost mandatory when dealing with issues of financial planning, 401(k)s, and...more
February 2010If you have ever assisted a client in a short sale or loan modification then you are aware that lenders frequently request that your clients make financial disclosure. This financial disclosure is usually a condition precedent to the lender modifying the client's loan or it's made a condition precedent to the lender releasing their lien on the property incident to a short sale. Have you ever thought about whether or not your client should be making financial disclosure?What is financial disclosure?Typically, financial disclosure involves our clients turning over personal financial information to their lender in anticipation of receiving a concession by the lender. This concession comes in the form of a loan modification or the lender releasing its lien on the client's property to facilitate a short sale. The information includes: (i) bank statements; (ii) pay stubs; (iv) profit and loss statements; (v) tax returns and the like.Why do lenders request financial disclosure?Before I address this question I must point out the obvious. The debtor creditor relationship is one of the most adversarial relationships that exist in our society. On any given day,...more
Provided by The Retirement Group: Your Partners In Retirement.This does not constitute an endorsement by John Jastremski, The Retirement Group or the author of the book. The opinions expressed are solely those of the author and may or may not be a representative opinion of The Retirement Group or John Jastremski. John Jastremski,...more
Investments can be both short termed or long termed covering the interest and financial planning done by the investors. This is because behind the management of money, investments plays a major role which every investor cares to understand and plan accordingly. To begin with an individual interested in investing should decide upon the...more
Accounting can be a difficult subject to grasp if you do not understand the basic concepts. The most basic equation that everyone should know is Assets = Liabilities + Equity. This is called the accounting equation and if you understand what it means it will help you survive any accounting class.Assets are things that companies own that will ultimately benefit the company. Examples of this would be cash, machinery/equipment, or land. There are two different types of assets called current assets and plant assets. Current assets are things that will eventually be used up, converted to cash, or sold unlike plant assets that are permanent like buildings, land, and equipment. Cash is the most popular asset and will be used the most often in financial accounting.Liabilities are obligations that a company has to a creditor and they usually consist of money, services, or products. An example of this would be wages payable to employees because the employees have worked for their money but the company has not yet paid them. Once the company pays the employees for their work the company is no longer held liable to the wages payable account.Equity can be determined by...more
Charter Financial Corp. (OTC:CHFN), the holding company for CharterBank, announced yesterday that it has concluded its stock offering pursuant to its Stock Issuance Plan. The Company will sell 4.4 million shares of common stock at $7.78...more
Spread betting, also known as financial spread trading is a commission-free platform that allows the trader to take a position on numerous market movements, which in turn may be used to profit by way of bullish, bearish in addition to...more
The reason is that, the attributes that decided your personality traits, your habitual ways of perceiving and acting, don't allow you to see how you could do things differently and more successfully. People often choose occupations that...more
Financial Accounting has been one of the more difficult courses I have taken at West Chester University. During the class I found the material irrelevant to me at the time, but now, after working in a managerial position, I realized how...more
In our day of easy access to credit cards, loans, and so many things that you must have, it is almost no wonder that so many are getting themselves into financial trouble. Everywhere we turn we face some ad that tells us we cannot live...more
Recently I stumbled across a movie witch I have not seen in a while. It has been a few years since the movie the "Matrix" hit the big screen. Anyway if you have seen the movie do you remember when Neo,( Keano Reeves), had a hard time in...more