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What is Purchasing Department

anyaha · 171

anyaha

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เมื่อ: พฤษภาคม 16, 2021, 01:57:20 PM
What is Purchasing Department
Purchasing Department: Characteristics, Functions

The purchasing department is the section of a company responsible for all activities for the business acquisition financing of raw materials, spare parts, services, etc., as required by the organization. It provides a service that is the backbone of many industrial, retail, and military organizations.

Ensures that supplies necessary to operate the business are ordered and kept in inventory. This department is at the center of successful supply chain management, and is responsible for minimizing the cost of ordered products, controlling inventory levels, and establishing strong relationships with suppliers.

A good purchasing department will demand quality from suppliers and will follow up on orders from the beginning to the reception. Help other departments identify needs, manage the requisition process, and obtain competitive prices. They usually act as controllers to ensure compliance with budgets.

Characteristics
Act as trusted advisers to senior management
The purchasing department is involved in corporate planning and budgeting at a high level. This makes it possible to design reverse engineering costs and explore potentially less expensive and / or higher quality alternatives.

Drive supplier innovation
More than just demanding the lowest price, the purchasing department works with suppliers to reduce the underlying cost of their products and services. They are intimately involved with "the life cycle of innovation", from initial idea to manufacturing and continuous improvement.
Provide insight into key vendor data
Companies can draw on this information to create predictive analytics, providing a deeper insight into markets.

Manage and mitigate supply chain risk
Economic crises have taught the value of being aware of the stability of suppliers. The purchasing department has a much clearer view of that area than any other part of the organization.

Promote agile staffing and talent development
It is necessary to cross functional and geographic boundaries to find the right candidates for the purchasing department.
In some cases, the answer is in outsourcing or using shared service organizations.

Features
Obtaining materials
For a manufacturing company this could include raw materials, but it could also include tools, machinery, or even the necessary office supplies for the sales team and secretaries.
In a retail business, the purchasing department must ensure that there are always enough products on the shelves or in warehouses to keep the store well stocked.

It is especially important to keep your inventory warehouse at a reasonable level. Overinvesting large amounts of money in inventory could lead to stock problems and a lack of capital for other types of expenses, such as research and development, or advertising.

Evaluate prices

A purchasing department is in charge of continuously evaluating whether you are receiving the materials at the best possible price, in order to maximize profitability.

You need to compare prices so that you can find the best suppliers with the most sensible prices for company-specific size orders.

The purchasing department can contact alternate vendors, negotiate better prices for higher volume orders, or inquire about the possibility of obtaining lower priced products from a variety of other sources.

Vendor pre-approval
The purchasing department evaluates suppliers in terms of price, quality, customer opinions and time to complete orders, producing a list of approved suppliers.

Track orders
Orders are documented with purchase order forms. These specify important information about the materials ordered, as well as the quantity ordered.

These forms are used to ensure that ordered products are received and to track the time it takes for orders to complete.

Office work
The purchasing department handles all the documentation related to the purchase and delivery of the materials.

This means working closely with your accounting department to ensure that there is enough money to purchase items, that cash flows smoothly, and that all payments are made on time.

Policy compliance
Before making a purchase, the purchasing department has to ensure that it complies with the formalities for the acquisition and approval of the budget, and it must ensure that the materials are purchased following the general policy of the organization.

Importance
Get lower costs
The purchasing department plays an important role in maximizing business profits. Compare prices and negotiate with suppliers so that the company obtains the best possible price on the necessary products.

You can also provide savings by taking advantage of guarantees and discounts that non-specialists generally forget.

It helps to save, providing better transparency in company spending. This will allow you to negotiate better contracts and free up cash flow.

Prevent insufficient materials

The purchasing department has to identify which products are critical to the business and take appropriate measures to protect its supply chain.

To ensure that insufficient materials do not affect productivity, the purchasing department uses techniques such as multiple sourcing.

Having multiple sources means using multiple vendors that offer the same products. If there is a problem with one supplier, orders can be increased to another to compensate for the failure.

Improve quality
The purchasing department helps improve quality by setting performance goals. Then it tracks actual performance against those goals.

It is critical to measure quality characteristics using indicators for attributes, such as durability, product appearance, or timeliness of delivery.

They work closely with suppliers to develop their processes and help them improve quality.

Manage relationships

The challenge for the purchasing department is to get the supplier interested in working with the company. Make the supplier invest in a long-term relationship.

The department also has to manage relationships within the company. You have to work with internal stakeholders, such as marketing, finance, logistics, and distribution, to ensure that they are all aligned.

Seek innovation
Because the purchasing department is always in contact with a variety of external businesses, it is in an ideal position to acquire innovative products that can provide a competitive advantage to the business in terms of price, quality or convenience.



see also finance and business knowledge

What Is Bookkeeping
What Are Taxes Payable
Armand Feigenbaum Biography
What Is Zero Base Budgeting
What Is Chart of Accounts




anyaha

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ตอบกลับ #1 เมื่อ: พฤษภาคม 16, 2021, 01:57:55 PM
Rules for emergency funds
Start building up your emergency fund, said Christine DiGangi in Credit.com. “It may not be the most fun budget category,” but emergency funds are an essential part of personal finance. First off, define “emergency.” The answer “may not be the same for everyone,” but one rule of thumb is to maintain separate accounts for “income emergencies,” such as job loss, and “expense emergencies,” like paying for unexpected repairs. Financial planners suggest stashing the cash in a dedicated savings account to avoid the temptation of simply writing a check, but “if you don’t like the idea of letting money sit in a savings account,” you might consider a CD or a Roth IRA. Be wary of early withdrawal fees, but the higher yields will be a nice bonus if you don’t have an emergency after all.

Negotiating a debt settlement
Sort out your debts like a pro, said AJ Smith in Credit.com. While “there are countless services out there” for settling debts, “it is possible to resolve this on your own.” Begin by making a list of your creditors, and then prioritize the bills with the highest interest or smallest balances. Collectors typically won’t settle unless the account is delinquent, but “there is no guarantee they will accept a settlement even if you stop paying.” Being up front about your inability to pay may encourage them to negotiate. Calculate the “percentage of the debts you are able to pay and the maximum you can afford,” factor in other expenses, and start negotiating with a lowball offer: 25 or 30 percent of the balance. This “sets the tone” and will help you score a more realistic settlement, ideally between 40 and 60 percent of the original debt.

Countering cash buyers
Don’t get beat by all-cash bidders, said Daniel J. Goldstein in MarketWatch.com. These days, all-cash deals are making the high-end housing market more competitive than ever. But for buyers who want to finance, there’s still hope. For example, some borrowers might combine “second mortgages home-equity lines of credit, and quick closings” to get a leg up. And since many all-cash bids come from overseas, the offers “can appear and disappear.” With a big down payment and some patience, “your financing-contingent offer still might have a shot.” And recruiting an expert—such as a real estate agent or a loan officer—can help you find sellers who are more “open to accepting bids with financing.”

The end of free checking
The age of free checking is fading, said Chris Morran in Consumerist.com. While U.S. consumers and businesses have $1.4 trillion stashed away—more than ever—in checking accounts, banks are limiting “the availability of unconditional free checking” and tightening their requirements, making it harder for many customers to avoid fees. Luckily, “there are still plenty of free checking accounts out there, but many of them are through smaller regional banks and credit unions.” Those institutions should be rewarded for continuing to offer a service that used to be—and still ought to be—a given. Consumers can do that “by moving their money, or putting it into interest-earning accounts so that they at least get something in return for allowing the bank to use their deposits.”

Curb your shopping enthusiasm
Stop overspending, said Donna Fuscaldo in FoxBusiness.com. If you’re hemorrhaging cash, one way to stanch the flow is to learn to keep your spending “triggers” in check. These days, “it’s easier than ever to hop online when we’re bored.” For compulsive shoppers, that can be dangerous, since “boredom or feeling stagnant is a common trigger.” Anxiety can also cause people to stress-shop, so “try other activities like taking a walk, chatting with a friend, or organizing a closet to regain some control.” And while “the idea of having to ‘keep up with the Joneses’ resonates” with many people, such insecurity can “drain our budgets.” One way to “prevent that trigger from turning into a bingeshopping spree is to set spending limits.” Try carrying only cash so you can better “fight the urge to use” your credit cards.

Retiring when self-employed
Can self-employed workers ever really retire? asked Michele Lerner in DailyFinance .com. Irregular income can make it difficult for self-employed people to save, but experts recommend they open a retirement account anyway. “You don’t have to fund it right away, but having it open will make it easier to contribute money when you do come into a windfall,” said Lule Demmissie of TD Ameritrade. Self-employed people also have a few special retirement options available to them, including SEP-IRAs, which have higher contribution limits than traditional and Roth IRAs, and Solo 401(k)s, which are ideal for self-employed workers with no additional employees.

How to switch bank accounts
Moving your money to a different bank “can be a huge hassle,” said Kristin Wong in Lifehacker .com. To make the process “as painless as possible,” start by finding the right bank, weighing your priorities and habits against balance requirements, fees, interest rates, and proximity to ATMs and branches. Before you close your old account, check for any unposted checks or scheduled payments to avoid incurring an overdraft fee. And don’t empty it right away. “Keep a small cushion in your old account until the transition is complete,” just in case. If you have set up automatic payments, remember to reroute them to your new account and “contact your employer and update your direct deposit info.” Once you think you’ve finished with your old bank, beware of “zombie accounts”: Some banks reopen recently closed accounts if a deposit is made, which can restart maintenance and minimum balance fees.

Index vs. actively managed funds
Torn between actively managed and index funds? asked Michael A. Pollock in The Wall Street Journal. The good news is you don’t have to choose. While “some investors swear” by one or the other, you can “  combine the two types of funds to achieve specific purposes.” Index funds are great for broad markets over long periods, but a skilled fund manager may be better for “less efficient market areas that don’t trade as actively and are slower to react to new information.” Indexes help you cash in on market rallies, while adding “a defensively minded active fund to your index holdings” can help “dial back overall volatility.” Some of both may be best.

Nailing your performance review
Don’t let your annual performance review “get you down,” said Daniel Bortz in CNN .com. These meetings offer “one of the few times of the year you get to chat with your boss about your career,” and you can use them to “set the stage for a big raise or promotion.” Submit a one-page self-evaluation before the review to set a baseline, summing up a handful of your contributions. Then “request a real critique” to get some useful feedback. Unfortunately, “budgets are typically set by the time of the review,” so don’t count on a raise. But ask for “details on the salary review process to help you prep for next year.” By finding out “how and when your raise was decided and who was consulted,” you’ll have a head start for the next review.

A very early 529 gift
Why wait until a child is born to start a 529 college savings plan? asked Peter S. Green in The Wall Street Journal. Anyone hoping to become a grandparent one day can open a 529 to “get the savings ball rolling early.” A future grandparent who designates the beneficiary as the future parent can contribute as much as $70,000 in a single year tax free (equal to five years’ worth of contributions at $14,000). When the infant arrives, the account can be transferred into his or her name. Starting early has major benefits: A 529 plan opened with an initial gift of $14,000, five years before a child is born, funded with $500 every month, and earning interest at 3 percent compounded monthly, would yield $226,784 by the child’s 18th birthday. The same plan started at birth would yield $167,336.

IRA and 401(k) changes in 2015
Some taxpayers will be able to save more in their retirement accounts next year, said Emily Brandon in USNews.com. The annual limit for 401(k)s and 403(b)s has been raised by $500, to $18,000. The IRA contribution limit has been left unchanged at $5,500, or $6,500 if you are 50 or older. Savers will also soon have a new account option: the myRA, the no-fee Roth IRA accounts offered by the Treasury Department and available later this year. The accounts are open to individuals who make less than $129,000 a year ($191,000 for couples) and are guaranteed to never lose value. And for those savers with several IRA accounts, a new rule takes effect Jan. 1 prohibiting more than one rollover from one IRA to another in any 12-month period.

Beware of power-sucking appliances
Don’t let “vampire appliances” bleed your bank account dry, said Catey Hill in MarketWatch.com. “Even when you’re not using electronics and appliances, they may still be sucking up energy” and costing you hundreds of dollars a year. Utility experts estimate that roughly 10 percent of the average household’s energy bill is thanks to power-sucking appliances. Flat-screen TVs are often the priciest power drain, and though it’s impractical to unplug your TV each day, one option is to buy an advanced power strip, which prevents electronics from using power when they’re not in use. At a cost of $15 to $30, the strips will “save you money in the long run.” Experts also recommend using the power strips to plug in video game consoles, cable boxes, laser printers, and small kitchen appliances.

The right way to rent textbooks
If the high cost of textbooks has you in a panic, consider renting, said Ann Carrns in The New York Times. The average cost of college textbooks and supplies is about $1,200 per year, but more-affordable alternatives are becoming more popular. Last semester, more than a third of students rented at least one textbook, up from a quarter a year earlier. When deciding whether to rent or buy, start by comparing prices, both at your campus bookstore and online booksellers like Chegg.com and Amazon. If you rent and are worried about late fees, text and email reminders can help you stay in the clear. And don’t forget that there are a few downsides to renting, including fees for any damage and the fact that you won’t “recoup any of your money by reselling the volume.”

Consolidating IRAs with a spouse
If you and your spouse are trying to merge a retirement account, forget it, said Liz Weston in Bankrate.com. Though spouses can inherit retirement accounts after a partner’s death, retirement accounts are ultimately “like credit scores. Each person has his or her own, and they can’t be merged after marriage.” But if you’re trying to make managing your retirement funds more, well, manageable, consider consolidating your family’s accounts to a single investment firm. “Not only will it be easier to manage and coordinate your investments, but some firms lower or waive fees based on how much a household has invested with them.” Vanguard, for example, waives one of its annual fees when a household has combined assets of $50,000 or more.

The cost of retail-branded cards
Stay away from store credit cards, said Mitch Lipka in DailyFinance.com. Though big signup discounts can make store-branded credit cards a tempting offer, a new survey released last week shows those initial savings will cost you—big time. The CreditCards.com survey found that the average retail card’s annual percentage rate was 23.2 percent—more than eight points above the average credit card’s interest rate, “and more than double what consumers with good credit can get.” That means that a cardholder with a $1,000 balance on a typical store-branded card who makes minimum monthly payments would spend more than six years paying off the debt, including $840 in interest. That’s a year longer—and more than twice as much in interest—than the same balance on the typical nonstore card.

The benefits of aging
There are more perks to turning 50 than just cheap movie tickets, said Lindsay Gellman in The Wall Street Journal, but surveys indicate that fewer than half of eligible seniors are taking advantage of them. Unlike their youthful counterparts, investors who have hit the half-century mark can bolster their retirement savings by making pretax “catch-up  contributions” of up to $23,000 annually to their 401(k) accounts, $5,500 more than investors under 50 are allowed. Seniors can also put up to $6,500 toward an IRA, $1,000 more per year than permitted for younger investors. And while 59 ½ is typically the age at which retirement distributions can be taken without incurring a 10 percent early withdrawal penalty, workers who retire, quit, or are laid off can tap an employer-based savings plan penalty-free beginning the year they turn 55.

Keeping wealth in the family
While you can’t take it with you, the wealth you leave behind may not last as long as you’d like, said Beth Pinsker in Reuters.com. Studies have shown that roughly 90 percent of families with at least $5 million in investable assets exhaust their estates within three generations. The main reason, according to new research from Merrill Lynch, is that many rich families have an “unreasonable expectation of how much they can withdraw and still have the money last.” It’s partly a math problem, as estate planners often don’t account for just how big families can get by the third or fourth generation, and thus fail to adjust distributions or lower expectations. Another major problem: Later generations rest on their laurels. “To make wealth last forever,” said study co-author Michael Liersch, “you’re probably going to need future generations to replenish that wealth.”

Cash floods the housing market
When it comes to home buying, cash is still king, said Doug Carroll in USA Today. Allcash home purchases accounted for one third of total sales in the first quarter this year, up from 29 percent in 2012. While speculators have been paying cash to snap up homes to rent or flip in recent years, the current trend is being driven by retirees and Baby Boomers who have been put off by the challenges of today’s mortgage market. Thanks to “decades of accumulated equity,” older Americans have the funds to buy a home outright or to buy rental property as an additional income stream during retirement.

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ตอบกลับ #2 เมื่อ: พฤษภาคม 16, 2021, 01:58:28 PM
Finding Travel Insurance After A Cancer Diagnosis
For people suffering from cancer and other serious conditions, finding adequate travel insurance can be tricky. But help is at hand from specialist companies providing great cover at reasonable cost

Finding suitable travel insurance after a cancer diagnosis can be fraught with problems. The premiums quoted online often cost more than the holiday or else any claim relating to the cancer is excluded.

Action is underway that should lead to better levels of insurance and more reasonable prices for those with medical conditions. But in the meantime consumers must know where to look to avoid buying inadequate cover.

All insurers and comparison websites will soon be required to signpost consumers with preexisting conditions to specialist travel insurers, whether they have offered them a quote for cover or not. It follows an investigation into this market by the regulator - the Financial Conduct Authority.

Andrew Williams, business development manager for specialist travel insurer Free Spirit, says: "The FCA is in discussions with insurers, and changes should be coming soon, which is great news for anyone with cancer or any other serious condition who has struggled to find insurance. Cover is out there for people in this situation but it can be difficult to know how to get it."

A recent survey by consumer group Which? found that when consumers with pre-existing medical conditions apply for travel insurance, around one in five are only offered cover that excludes claims arising from their condition and one in four faced inflated premiums.

"Research by Which? highlights the importance of speaking to a specialist broker or insurer when you have cancer or other medical condition," says Sarah Page, brand manager for specialist insurer Insurancewith. “Not everyone's situation is going to fit neatly into the tick boxes on a screen when applying for cover."

Ms Page adds: “At Insurancewith we can offer one-to-one medical underwriting and policies tailored to your specific needs so the price more accurately reflects the risk. This usually makes it much more affordable, particularly for someone with cancer.”

The type of cancer you have, its stage, your treatment and your medication will all affect the premium, as will your age - with older consumers typically having to pay more, as statistically they are more likely to claim.

Your choice of destination and the duration of the trip will also have a bearing on the cost. This is because the cost of healthcare in different countries varies widely. In Spain, for example, tourists will often be directed to private clinics when they need medical attention - this can vastly inflate the cost of a claim, compared to state-funded healthcare. Healthcare in the US and Australia, for example, can also be expensive.

The delay to Brexit means holidaymakers to European Union countries can continue to use the European Health Insurance Card (known as EHIC) for now - although future arrangements are unclear. EHIC entitles you to emergency state healthcare in EU countries. But consumers should not rely on this as an alternative to travel insurance. The standards of care may be much lower than with the NHS. It also won't cover the costs of repatriation.

The majority of insurers in the market use medical screening software called Healix, although a number use a different package called Protectif. The screening will ask questions about your condition and treatment to arrive at a 'medical score' before offering a premium cost for the travel insurance. As the two screening methods are slightly different it can be worthwhile getting quotes from a range of insurers that use different screening software.

Chris Rolland, chief executive at specialist insurer AllClear, says: "Declare everything. You will be asked to provide answers to set questions relating to each medical condition to ensure the insurer gets the information it needs to offer appropriate cover."

Using a broker can be helpful as it will look across a broad spectrum of providers to find you the best cover and price for your needs. The British Insurance Brokers' Association (BIBA) website at biba. org.uk can help you find one.

For most people with cancer and serious pre-existing conditions, and even those with a terminal diagnosis, it should be possible to find cover at a reasonable cost, although in some circumstances specific and tailored underwriting may be necessary.

Fi Munro, 33, from Errol, Perthshire, was diagnosed with stage-4b ovarian cancer in January 2016. She has since written a book How Long Have I Got?, set up an award-winning blog - Live Like You are Dying - and started her own businesses teaching yoga and meditation.

Fi says: "After the diagnosis I just wanted to live my life in the way I wanted and without barriers. I love to travel, but looking around for insurance that would cover me and my cancer was so difficult.

"A medical professional recommended that I speak to Insurancewith,” she adds. “I just couldn't believe the difference in its approach - and also the cost. It was so much cheaper than the mainstream brands that I'd previously been looking at."

Fi takes out single-trip cover for each holiday. Cover for her and her husband, Ewan, for a two-week trip to France in April cost ?85, for example. It is a stark contrast to the hundreds of pounds she could be charged with less specialist insurers. According to experts, it is a good idea to take out joint cover with the same insurer, even where one person in a couple does not have any preexisting medical conditions. The cost should not be any higher.

Mr Williams at Free Spirit says: "There could be complications if you need to cancel your trip due to illness, but your partner's separate insurance won't cover the cancellation."

Insurer AllClear offers Travelling companion' cover for travellers who are insured with a different provider for cancellation or curtailment as a result of the pre-existing condition of their travelling companion under AllClear. Think about purchasing travel insurance even for trips booked in the UK - because cancellation is among the main reasons for claiming on a policy for those with medical conditions.

How to Keep Premiums Down Shop Around:
Do your research and speak to different specialist insurers. A broker should be able to scour the market to find different policies to suit your needs at a reasonable price. Opt for a larger excess: By agreeing to pay a higher excess - the first part of any insurance claim that you must pay - it may be possible to lower the premium. Book holidays closer to the time of travel: If you can reduce the risk of cancellation due to ill health and can exclude cancellation cover from your insurance this should bring the premium down.

Consider changing destination and reduce length of trip: Insurance for travel to some countries will be much more expensive, so if you have not yet booked your trip talk to insurers and find out where might be cheapest. Shorter trips mean a lower risk of a claim and will bring insurance costs down.

Most insurers will ask about any treatment or prescribed medication you have taken within the last two years, or if you have been an in-or outpatient at a hospital, clinic or GP in the same time frame. It means if you had cancer three years ago, for example, but you can answer 'no' to these questions you will not need to declare the cancer and your premium should be much lower.

Cost Was Greater but Reasonable
Many holidaymakers with pre-existing conditions decide to take a gamble and travel without insurance because they feel the premium cost is unaffordable. But this is a high-risk strategy.

John Carpenter was extremely glad he had taken out annual travel insurance when he was forced to cancel a cruise he had booked for his wife Linda's birthday last year, after a lump appeared in his neck and he needed urgent chemotherapy.

John, in his early-60s, had been diagnosed with lymphoma in 2016. At that time doctors advised him to wait and see because his symptoms did not warrant immediate treatment. John and Linda, who love to travel, continued to take many holidays each year - although, due to his cancer, John now took out cover with specialist insurer AllClear, rather than buying cover through his travel agent as he always had done in the past.

“At ?500 for annual worldwide cover my condition did mean a significant increase to the cost of cover," says John. "But I felt it was reasonable considering the cruise I had planned and that it included the US, renowned for its high medical costs."

The couple received a 25% refund on the cost of their ?3,000 holiday from the cruise company and luckily, the terms of AllClear's cover meant that they could reclaim the remainder on their insurance, minus the ?250 excess.

"We were sent an email confirming our claim had been successful within two days," says John, "and the payment was in my bank account within seven days of making the claim.”

John responded well to treatment and has stem cell therapy planned. He has been advised he is well enough to go on holiday before this treatment starts and AllClear has provided a new policy, taking into account his current medical situation. He has taken out a single trip policy for ?200 for a seven-night break to Turkey.
BY JO THORNHILL
Souce Moneywise




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ตอบกลับ #3 เมื่อ: กรกฎาคม 08, 2021, 12:15:07 AM
Payable liabilities

A callable liability is defined as a company's legal financial debts or obligations that arise during the course of business operations. Liabilities are canceled over time through the transfer of economic benefits, such as money, products or services.

Therefore, an enforceable liability is a debt of a company that requires the entity to give up an economic benefit (cash, assets, etc.) to pay for past transactions or events.

It is recorded on the right side of the balance sheet. Includes loans, accounts payable, mortgages, deferred income, and accrued expenses. In general, enforceable liability refers to the state of being responsible for something, and this term can refer to any money or service owed to another party.

Callable liabilities are a vital aspect of a business because they are used to finance operations and pay for large expansions. They can also make transactions between companies more efficient.

What does it consist of?
Callable liabilities are debts and obligations of the business that represent a creditor's claim on the assets of the business.

An enforceable liability is increased in the accounting records with a credit and reduced with a debit. It can be considered a source of funds, as an amount owed to a third party is essentially borrowed money that can then be used to support the asset base of a business.

It is possible that an enforceable liability is negative, arising when a company pays more than the amount of a liability. This theoretically creates an asset for the amount of the overpayment. Negative liabilities tend to be quite small.

Types
- Any type of loan from people or banks to improve a business or personal income, to be paid in the short or long term.

- A duty or responsibility towards others, whose cancellation implies the transfer or future use of assets, a provision of services, or another transaction that produces an economic benefit, on a specified or determinable date, with the occurrence of a specific event or by being required.

- A duty or responsibility that obliges the entity to others, leaving little or no discretion to avoid its cancellation.

Classification of payable liabilities
Companies classify their callable liabilities into two categories: short-term and long-term. Short-term receivables are debts payable within one year. Long-term receivables are debts that are payable over a longer period of time.

Ideally, analysts reasonably expect a company to be able to pay its short-term liabilities with cash. On the other hand, analysts expect that long-term liabilities can be paid with assets derived from future earnings or with financing transactions.

For example, if a company obtains a mortgage to be paid in a period of 15 years, that is a long-term liability.

However, mortgage payments due during the current year are considered the short-term portion of long-term debt and are recorded in the short-term receivables section of the balance sheet.

The general time frame separating these two distinctions is one year, but it can change by business.

Relationship between liabilities and assets
Assets are the things a business owns, including tangible items such as buildings, machinery, and equipment, as well as intangible items such as accounts receivable, patents, or intellectual property.

If a company subtracts its liabilities from its assets, the difference is the equity of its owners or shareholders. This relationship can be expressed as:

Assets - Callable liabilities = Owner's capital.

However, in most cases, this equation is commonly presented as: Liabilities + Equity = Assets.

Difference between an expense and a callable liability
An expense is the cost of operations that a business incurs to generate revenue. Unlike assets and liabilities, expenses are related to income, and both are listed on a company's income financial knowledge statement.

Expenses are used to calculate net income. The equation for calculating net income is income minus expenses. If a company has more expenses than income in the last three years, it may indicate weak financial stability, because it has been losing money in those years.

Expenses and liabilities due should not be confused with each other. The second is reflected in a company's balance sheet, while the first appears in the company's income statement.

Expenses are the costs of operating a company, while liabilities due are the obligations and debts that a company has.

Examples
If a wine supplier sells a case of wine to a restaurant, in most cases they do not require payment when they deliver the merchandise. Instead, you invoice the restaurant for the purchase in order to simplify delivery and facilitate the restaurant's payment.

The outstanding money that the restaurant owes its wine supplier is considered a callable liability. On the other hand, the wine supplier considers the money owed to him to be an asset.

When a business deposits cash with a bank, the bank records a callable liability on its balance sheet. This represents the obligation to pay the depositor, generally when the latter requires it. Simultaneously, following the double entry principle, the bank records the cash itself, as an asset.

Short-term and long-term liabilities
Examples of short-term liabilities are payroll expenses and accounts payable, such as money owed to vendors, monthly utilities, and similar expenses.

Debt is not the only long-term liability incurred by the company. Rent, deferred taxes, payroll, long-term bonds, interest payable, and pension obligations can also be listed under long-term liability.

Balance sheet of a company
The balance sheet of a company reports assets of $ 100,000, accounts payable (liabilities due) of $ 40,000 and equity of $ 60,000.

The source of the company's assets are creditors / suppliers for $ 40,000, and owners for $ 60,000.

Creditors / suppliers thus have a claim against the assets of the company. The owner can claim what remains after the due liabilities have been paid.

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ตอบกลับ #4 เมื่อ: กรกฎาคม 08, 2021, 12:15:51 AM
WHY MILLENNIALS CHOOSE TO BUY HOME

According to NerdWallet's Millennials & Homebuying Study, the top 5 reasons young renters choose to own are:

1. To Have Control over Their Living Space - 93%
Many Millennials who rent a home or apartment prior to buying their own homes, dream of the day that they will be able to paint the walls whatever color they'd like, or renovate an outdated part of their living space. Many others who have waited to add a pet to their families daydream about the day that they'll be able to go pick out their 'furever'friend. Owning your own home gives you the freedom to make those choices.

2. To Have a sense of Privacy & Security - 90%
It is no surprise that having a place to call home, with all that means, in comfort and security, is the #2 reason. As a homeowner, you have control over who has access to your home, and you are able to secure it how you see fit.

3. To Live in a Nicer Home - 81%
Similar to the #1 reason, when you purchase a home, you can choose to live in a nicer home or choose to renovate a home & restore its glory. Owning also allows you to accommodate your growing family or a family member who may need to move in.

4. To Feel Engaged in Their Community - 75%
Owning a home in a community is one of the major reasons why residents become more civically involved. The stakes are raised once your home value is directly tied to the neighborhood and community in which you live.

5. To Have Flexibility in Future Decisions - 53%
Owning a home allows you to use your monthly housing cost as a savings account that can be borrowed against in the future. Having this option available during uncertain times is just one of many reasons why homeowners feel more secure in their homes.

"The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons - including control of living space, flexibility in future decisions, privacy and security, and living in a nice home."



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