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Advance Payment
An advance payment, or simply an advance, is the part of a contractually due sum that is paid or received in advance for goods or services, while the balance included in the invoice will only follow the delivery. The term "advance" may also refer to a loan.Morrison FoersterYou Say Advance, I Say Repay – What Does the Court of Appeal Say? Clarification by the Court of Appeal (England and Wales) on Contracts published 27 November 2018, accessed 11 November 2023 Under UK social security law, an advance payment may also be made to a person in receipt of Universal Credit. Accounting treatment Advance payments are recorded as a prepaid expense in accrual accounting for the entity issuing the advance. Advanced payments are recorded as assets on the balance sheet. As these assets are used they are expended and recorded on the income statement for the period in which they are incurred. Insurance is a common prepaid asset, which will only be a prepaid asset because it is a proactive measu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Signing Bonus
A signing bonus or sign-on bonus is a sum of money paid to a new employee (including a professional sports person) by a company as an incentive to join that company. They are often given as a way of making a compensation package more attractive to the employee (e.g., if the annual salary is lower than they desire). It can also lower risk to the employer compared with a higher salary; for example, if the employee does not meet expectations. Signing bonuses are often used in professional sports, and to recruit graduates into their first jobs. To encourage employees to stay at the organization, there are often clauses in the contract whereby if the employee quits before a specified period, they must return the signing bonus. In sports contracts, the full amount of signing bonuses is not always paid immediately, but spread out over time. In such cases, the main difference between a signing bonus and base salary is that the former is "guaranteed" money meaning the team is required to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Prepaid Expense
In accounting, a deferral is any account where the income or expense is not recognised until a future date. In accounting, deferral refers to the recognition of revenue or expenses at a later time than when the cash transaction occurs. This concept is used to align the reporting of financial transactions with the periods in which they are earned or incurred, according to the matching principle and revenue recognition principle. Deferrals are recorded as either assets or liabilities on the balance sheet until they are recognized in the appropriate accounting period. Two common types of deferrals are deferred expenses and deferred income. A deferred expense represents cash paid in advance for goods or services that will be consumed in future periods. On the other hand, deferred income (or deferred revenue) is a liability that arises when payment is received for goods or services that have yet to be delivered or fulfilled. Deferred charge A deferred charge is a cost recorded ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Pay Or Play Contract
In filmmaking, a guarantee, or informally a "pay-or-play" contract, is a term in a contract of an actor, director, or other participant that guarantees pay if the participant is released from the contract, with various exceptions. Studios A studio is a space set aside for creative work of any kind, including art, dance, music and theater. The word ''studio'' is derived from the , from , from ''studere'', meaning to Wiktionary:study, study or zeal. Types Art The studio o ... are reluctant to agree to guarantees but accept them as part of the deal for signing popular actors. They also have the advantage of enabling a studio to remove a participant under such a contract, with few legal complications. As Appleton writes, "'' Memoirs of a Geisha'' is an example of a film on which the provision came into play... several actors were hired by the studio under pay-or-play deals. When the contracted start date came and went, those actors began receiving their full salary as i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Chicago Options Associates
Chicago Options Associates (COA) is a finance company in Chicago, Illinois, which specializes in trading options and futures contracts. It was founded in 1987 by Oliver R. W. Pergams and Michael E. Davis. In 1994 Davis was its chief executive officer, hiring then-graduate student Jimmy Wales as research director; Wales served in this position until 1998. The company and Davis were the subject of litigation resulting from a 2007 Illinois Supreme Court decision. In ''Dowling v. Chicago Options Associates'', plaintiff Brian Dowling successfully sued the company (and Davis), winning a judgement of US$817,830.45 from both defendants. Davis tried to shield his assets by transferring funds to a law firm, DLA Piper, which had assisted him in buying a home in Florida. During this representation, Davis paid a retainer of $100,000 to DLA Piper; Dowling maintained that he was owed this money. Although the circuit and appellate courts agreed with Dowling, the Illinois Supreme Court reversed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Advance Against Royalties
In the field of intellectual property licensing, an advance against royalties is a payment made by the licensee to the licensor at the start of the period of licensing (usually immediately upon contract, or on delivery of the property being licensed) which is to be offset against future royalty payments. It is also known as a ''guaranteed minimum royalty payment''. For example, a book's author may sell a license to a publisher in return for 5% royalties on sales of the book and a $5,000 advance against those royalties. In this case, the author would immediately receive the $5,000, and royalty payments would be withheld until $5000 in royalties already paid had been earned — that is, until the publisher's takings from selling copies of the book reached $100,000; after that point the 5% royalty would be paid on any additional sales. In some business areas (e.g. film production), it is common practice for the licensee to demand repayment of any advance that is not covered by r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Court Of Appeal (England And Wales)
The Court of Appeal (formally "His Majesty's Court of Appeal in England", commonly cited as "CA", "EWCA" or "CoA") is the highest court within the Senior Courts of England and Wales, and second in the legal system of England and Wales only to the Supreme Court of the United Kingdom. The Court of Appeal was created in 1875, and today comprises 39 Lord Justices of Appeal and Lady Justices of Appeal. The court has two divisions, Criminal and Civil, led by the Lady Chief Justice and the Master of the Rolls respectively. Criminal appeals are heard in the Criminal Division, and civil appeals in the Civil Division. The Criminal Division hears appeals from the Crown Court, while the Civil Division hears appeals from the County Court, High Court of Justice and Family Court. Permission to appeal is normally required from either the lower court or the Court of Appeal itself; and with permission, further appeal may lie to the Supreme Court. Its decisions are binding on all courts, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Balance Sheet
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". It is the summary of each and every financial statement of an organization. Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business's calendar year. A standard company balance sheet has two sides: assets on the left, and financing on the right–which itself has two parts; liabilities and ownership equity. The main categories of assets are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Balance (accounting)
In banking and accounting, the balance is the amount of money owed (or due) on an account. In bookkeeping, "balance" is the difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period. When total debits exceed the total credits, the account indicates a debit balance. The opposite is true when the total credit exceeds total debits, the account indicates a credit balance. If the debit/credit totals are equal, the balances are considered zeroed out. In an accounting period, "balance" reflects the net value of assets and liabilities to better understand balance in the accounting equation. Balancing the books refers to the primary balance sheet equation of: : Assets In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can b ... = liab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Accrual Accounting
In accounting and finance, an accrual is an asset or liability that represents revenue or expenses that are receivable or payable but which have not yet been paid. In accrual accounting, the term accrued revenue refers to income that is recognized at the time a company delivers a service or good, even though the company has not yet been paid. Likewise, the term accrued expense refers to liabilities that are recognized when a company receives services or goods, even though the company has not yet paid the provider. Accrued revenue is often recognised as income on an income statement and represented as an accounts receivable on the balance sheet. When the company is paid, the income statement remains unchanged, although the accounts receivable is adjusted and the cash account increased on the balance sheet. On the other hand, an accrued expense is recognised as an expense on the income statement and represented as a liability on the balance sheet. Once payment is made, the income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Prepaid Expense
In accounting, a deferral is any account where the income or expense is not recognised until a future date. In accounting, deferral refers to the recognition of revenue or expenses at a later time than when the cash transaction occurs. This concept is used to align the reporting of financial transactions with the periods in which they are earned or incurred, according to the matching principle and revenue recognition principle. Deferrals are recorded as either assets or liabilities on the balance sheet until they are recognized in the appropriate accounting period. Two common types of deferrals are deferred expenses and deferred income. A deferred expense represents cash paid in advance for goods or services that will be consumed in future periods. On the other hand, deferred income (or deferred revenue) is a liability that arises when payment is received for goods or services that have yet to be delivered or fulfilled. Deferred charge A deferred charge is a cost recorded ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
