Introduction Definition of ’Letter Of Credit’ A letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase‚ the bank will be required to cover the full or remaining amount of the purchase. Letters of credit are often used in international transactions to ensure that payment will be received. Due to the nature of international dealings including factors such as distance
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Banking Terms and Concepts • Accrued interest: Interest due from issue date or from the last coupon payment date to the settlement date. Accrued interest on bonds must be added to their purchase price. • Arbitrage: Buying a financial instrument in one market in order to sell the same instrument at a higher price in another market. • Ask Price: The lowest price at which a dealer is willing to sell a given security. • Asset-Backed Securities (ABS): A type of security that is backed by a pool
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ADIDAS COMPANY I think this company using pull marketing. There are several reasons that I think that this company using pull marketing because for their strategy they use performance as central group value‚ leveraging opportunities across brand portfolio and extending innovation and design leadership. Why they use pull marketing? They use pull marketing because it very easy for customer or users s to access the services of the internet or the web using their web browsers. Their main goal is
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Plantiff: Maria Millan Defendant: Dean Witter Reyonlds‚ Inc History of the case: At trial court they directed a verdit for Dean Witter on issues of Vicarious liability. They found Dean Witter is 15% liable and found Millan is 85% responsible. After Millan appeal the court’s decision‚ the court of appeals also upheld the jury verdict that Dean Witter was only 15% responsible. Overall decision of the case was in favor of Dean Witter. The facts: Millan son was her broker at Dean Witter Reynolds
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INTRODUCTION: Online banking is a technological advancement that has brought about such a change. The banking industry has adopted virtual banking to improve business process‚ infrastructure‚ and customer relationships. These changes have had a major impact on the banking business‚ but more transparently on the customers of online banking. The matrix measures for the improvements added by online banking can be evaluated on comparable levels of service‚ efficiency and cost satisfaction‚ for both
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2.13 THE HISTORY OF ELECTRONIC FUND TRANSFER The history of electronic fund transfer and electronic banking are to a large extent ‚closely interrelated with that of the automated banking systems and also the growth of the consumer financial service market now widely offered by banks. The global advent of electronic fund transfer was first marked in the 1950s when there began a major shift in focus of commercial banks to provide services for smaller businesses and individual consumers rather mainly
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Banking industry begins to show signs of slowdown After witnessing a strong growth during last few years‚ the banking industry has now started showing signs of slowdown‚ as deposits‚ assets‚ investment and profitability of banking sector is on decline while credit risk‚ market risk‚ interest risk‚ NPLs and advances are widening. According to the assessment of the State Bank of Pakistan’s Quarterly Performance Review of the Banking System (July-September 2008)‚ released on Thursday‚ due to
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As part of the audit of Manor Company‚ you are assigned to review and test the payroll transactions of the Galena plant. Your tests show that all numerical items were accurate. The proper hourly rates were used‚ and the wages and deductions were calculated correctly. The payroll register was properly footed‚ totaled‚ and posted. Various plant personnel were interviewed to ascertain the payroll procedures being used in the department. You determine that 1. The payroll clerk receives the time cards
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Accrual Accounting: Income is recorded as you invoice customers‚ and expenses are recorded when you receive bills from vendors‚ regardless of when cash is actually exchanged. This presents a truer picture of income and expenses. Most companies use this method. Cash-Basis Accounting: Income is recorded when cash (checks‚ money orders‚ or currency) is received‚ and expenses are recorded when paid. However‚ unpaid credit sales and purchases do not show on ledgers‚ which can present a misleading
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Subject: Understanding the scope and limitations of the fraud examination and the responsibilities of the CFE On October 5th‚ 2010‚ the fraud examination unit received an assignment from the owner of school regarding to the possibility of fraud disbursements occurred in his school. He suspected that someone is illegally and intentionally stealing money from his school. Based on his suspicion‚ a fraud examination was conducted by collecting information‚ reviewing & analyzing relevant records‚ and
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