Chinese University of Hong Kong

Posted on 12.05.2020Categories Bookkeeping 101  Leave a comment on Chinese University of Hong Kong

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GlobalARWU World THE World53QS World46RegionalTimes Asia7QS Asia8CUHK has been consistently regarded as a member of the top three higher learning institutions in the territory by various university rankings. In particular, it has continuously been the top Hong Kong institution in the ARWU, which is based on awards and research output, including those league tables in 2006, 2010, 2011, and 2013.

The centre became part of Chinese University in 1974 and has been responsible for the teaching of one language education (Putonghua and Cantonese) of university students as well as other Putonghua and Cantonese learners. Courses are offered for non-native speakers and for native speakers of Chinese.

Curriculum focused particularly on Chinese heritage and social concerns. The early years of this school were tumultuous, with the campus relocating several times between rented premises around Kowloon. Academics there were often self-exiled from the mainland and they struggled financially, with students sometimes sleeping on rooftops and teachers foregoing pay to sustain the college. Funds were gradually raised and the school moved to a new campus in Kau Pui Lung, built with the support of the Ford Foundation, in 1956.

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The Chinese University of Hong Kong has a Coat of Arms granted by the College of Arms in 1967 (Image available on the Chinese Wikipedia.). The full Arms is very rarely used, while the shield-only emblem is the most common symbol of the university. The first non-founding college, Shaw College, was named after its patron, Sir Run Run Shaw, who donated five hundred million Hong Kong dollars toward its establishment in May 1985. The Chinese University of Hong Kong (Declaration of Shaw College) Ordinance was passed by the Legislative Council in July 1986, and the fourth college was officially opened in March 1990 by Run Run Shaw and Governor David Wilson.

These three colleges (along with some others created during this era) helped fill a void in the post-secondary education options available to Hong Kong Chinese students. In 1957, New Asia College, Chung Chi College, and United College came together to establish the Chinese Colleges Joint Council. The Chinese University of Hong Kong (CUHK) is a public research university in Shatin, Hong Kong formally established in 1963 by a charter granted by the Legislative Council of Hong Kong. It is the territory’s second oldest university and was founded as a federation of three existing colleges – Chung Chi College, New Asia College and United College – the oldest of which was founded in 1949.

The university is served by University Station of the Mass Transit Railway (MTR) as well as the Hong Kong bus system. Bus and railway stations are located beside Chung Chi College, with additional bus stops just outside the two school entrances on Tai Po Road. To cope with new students from the education system, the new exit D of University Station opened in September 2012. The federal structure of the university would thus be replaced by something closer to that of a unitary university.

Construction of the new campus continued throughout the 1960s to a development plan produced by W. Some of the most iconic buildings on campus, like the University Library, were built in this period along the monumental axis of the University Mall in the subdued concrete aesthetic for which the school is known.

The Fulton Report recommendations were packaged into the Chinese University of Hong Kong Bill 1976. The changes recommended by the report came into effect in December 1976.

Colleges promote extracurricular social and athletic activities with an aim of building camaraderie among students. This focus on ‘student orientated teaching’, education through both formal teaching and student empowerment, distinguishes CUHK from other universities in the territory. The Childhood Bilingualism Research Centre (CBRC) is part of the Department of Linguistics and Modern Languages. The centre is directed by Professor Virginia Yip and Professor Stephen Matthews. The Yale-China Chinese Language Centre (CLC), formerly New Asia – Yale-in-China Chinese Language Center, was founded in 1963 under the joint auspices of New Asia College and the Yale-China Association.

The Board of Governors of New Asia College flatly rejected the recommendations of the report, alleging that it would destroy the collegiate system, turning the colleges into “empty shells”. Dr. Denny Huang, a longtime member of the Board of Governors of Chung Chi College, criticised the effort to centralise powers and stated that the college governorship would be reduced to “nothing more than managers of an estate”.

Radiation

The School of Education, which would later become a faculty, was founded in 1965. The Graduate School, the first in Hong Kong, was founded in 1966 and the first batch of master’s degrees were awarded the following year.

Following the Communist revolution and the breakdown in relations between China and the United States at the 1950 outbreak of the Korean War, all Christian colleges and universities in the People’s Republic of China were shut down. Chung Chi College was founded in 1951 by Protestant churches in Hong Kong to continue the theological education of mainland churches and schools. The 63 students of its first year operating were taught in various church and rented premises on Hong Kong Island.

  • The Fulton Commission report was tabled in the Legislative Council in June 1963, and the Chinese University of Hong Kong Ordinance was passed in September of that year.
  • The school was officially inaugurated in a ceremony at City Hall on 17 October 1963, officiated by the founding chancellor, Sir Robert Brown Black.
  • The next year, Dr. Li Choh-ming was appointed the first Vice-Chancellor of the university.

By 1962, a year before the founding of CUHK, Chung Chi had 531 students in 10 departments taught by a full-time faculty of 40, excluding tutors. Although the campus is located away from the busier districts of Hong Kong, access to the school is easy.

Roane State Community College

For example, gastric cancer is more common in Japan due to the frequency of high-salt diets and colon cancer is more common in the United States due to the increased intake of processed and red meats. Immigrant communities tend to develop the cancer risk profile of their new country, often within one to two generations, suggesting a substantial link between diet and cancer. Colleges are designed as communities with their own hostels, dining halls and other facilities. Students receive pastoral care and whole-person education, including formal and non-formal general education by means of close interaction with teachers and peers, and in some colleges, assemblies and college final year project.

Programmes are divided into Putonghua courses for local students, Cantonese courses for mainland Chinese Students and Putonghua and Cantonese courses for non-native Chinese speakers. Moreover, associate School of Continuing and Professional Studies (CUSCS) offers associate degree and higher diploma programmes. The university constitution was also reviewed in the 1970s with an aim to assess the school’s growth and chart its future. In 1975 the chancellor appointed an external commission, again chaired by Lord Fulton, to review the university constitution.

Over one third of cancer deaths worldwide (and about 75–80% in the United States) are potentially avoidable by reducing exposure to known factors. These factors act, at least partly, by altering the function of genes within cells. Typically many such genetic changes are required before cancer develops.

Aging has been repeatedly and consistently regarded as an important aspect to consider when evaluating the risk factors for the development of particular cancers. Many molecular and cellular changes involved in the development of cancer accumulate during the aging process and eventually manifest as cancer. Wikimedia Commons has media related to Chinese University of Hong Kong.

The university operates in both English and Chinese, although classes in most colleges are taught in English. Four Nobel laureates are associated with the university, and it is the only tertiary institution in Hong Kong with recipients of the Nobel Prize, Turing Award, Fields Medal and Veblen Prize sitting as faculty in residence. The relationship between diet and the development of particular cancers may partly explain differences in cancer incidence in different countries.

Chinese University of Hong Kong

The university was formed in 1963 as a federation of three existing colleges. The first of these, New Asia College, was established in 1949 by anti-Communist Confucian scholars from Mainland China amid the revolution there.

The Fulton Commission report was tabled in the Legislative Council in June 1963, and the Chinese University of Hong Kong Ordinance was passed in September of that year. The school was officially inaugurated in a ceremony at City Hall on 17 October 1963, officiated by the founding chancellor, Sir Robert Brown Black. The next year, Dr. Li Choh-ming was appointed the first Vice-Chancellor of the university. The university originally comprised the Faculty of Arts, Faculty of Science and Faculty of Social Science. Construction began at the site of the new campus in the Ma Liu Shui area, where Chung Chi College was already established, for new facilities to house central administration and the relocated New Asia and United colleges.

What does couse mean?

(Entry 1 of 2) 1a : a reason for an action or condition : motive. b : something that brings about an effect or a result trying to find the cause of the accident.

Research Schools, Degrees & Careers

Besides overall rankings, a list of subject rankings of Hong Kong tertiary institutions is available to show the strength of its individual disciplines ranked by the above organisations. China’s Alumni Association placed it among the “6-Star Greater China’s Universities” (the highest level) and it was ranked fourth in the Association’s 2014 Ranking of Institutions with the Most Best Disciplines in HK, Macau and Taiwan. In June 1959, the Hong Kong government expressed its intent to establish a new university with a medium of instruction of Chinese. CUHK is organized into nine constituent colleges and eight academic faculties, and remains the only collegiate university in the territory.

couse definition

What is an example of cost unit?

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cost per unit definition

cost per unit definition

This may seem simple enough, but there could be optimal unit values that aren’t necessarily equal to a single product. For example, a roofing supplier may count a unit as 1,000 shingles. In the service industry, it may be more difficult to define what constitutes a unit. In these instances, metrics such as labor-hours-per-client may replace unit costs. It turns out that halving the production for Company A did not double the unit cost.

To calculate the cost per unit, add all of your fixed costs and all of your variable costs together and then divide this by the total amount of units you produced during that time period. You may also want to assess fixed costs and the total variable manufacturing cost to make informed decisions regarding your product lines when production expenses climb. For example, further examination of higher direct material costs at your jewelry company may attribute increased expenses to higher gold prices – a variable cost. Both internal management and external investors analyze unit costs.

Typically, it is generated for internal use within a business. The fundamental financial concept behind unit cost is simple. A business takes all costs and expenditures that it needs to produce a quantity of goods or services, and then divides these amounts by that quantity. For example, if 5,000 units will cost a company $10,000 to manufacture, then the unit product cost or price per unit, is $2.00 each. For example, some business costs are constant whether a company sells 1,000 or 10,000 units, so there are standard production cost formulas that are commonly used.

Direct labor and materials are also referred to as variable costs, because they change with the number of units produced. Average price per unit and prices per statistical unit are needed by marketers who sell the same product in different packages, sizes, forms, or configurations at a variety of different prices. As in analyses of different channels, these product and price variations must be reflected accurately in overall average prices. If they are not, marketers may lose sight of what is happening to prices and why. Both of these metrics have value in identifying market movements.

What is an example of cost unit?

Unit cost is a very important pricing and selling tool for any company, because it’s hard to set a profitable price when you don’t know what it costs you to produce a product. Unit cost is determined by adding fixed costs and variable costs (which are direct labor costs and direct material costs lumped together), and then dividing the total by the number of units produced.

What is cost unit with example?

Per unit is a way of expressing the value of a quantity in terms of a reference or base quantity. In a per unit system each system variable or quantity is normalized with respect to its own base value. Calculations are simplified because quantities expressed as per unit are the same regardless of the voltage level.

Average cost per unit of production is equal to total cost of production divided by the number of units produced. Especially over the long-term, average cost normalizes the cost per unit of production. It also smooths out fluctuations caused by seasonal demand changes or differing levels of production efficiency. Once variable and fixed costs are identified, units must be identified.

How Does Cost Per Unit Work?

Successful companies seek ways to improve the overall unit cost of their products by managing the fixed and variable costs. Fixed costs are production expenses that are not dependent on the volume of units produced. Fixed costs, such as warehousing and the use of production equipment, may be managed through long-term rental agreements. From the company’s overall financial perspective, this may be accurate, but it doesn’t reflect the efficiency of production during the period in which the capital purchase is made. This variation of unit cost is often called the cost of goods sold, or COGS.

However, another portion of the bill may be directly related to how long your production equipment is running. To ensure you get a clear picture of your cost per unit, break down your mixed costs into their fixed and variable components. Fixed costs represent expenses that stay constant no matter how many units you produce. Rent on a building, for example, needs to be paid whether you are producing anything or not and is therefore a fixed cost. Property tax, insurance, computer systems and other administrative expenses can also be considered fixed costs, as are the salaries of office staff who aren’t involved in production.

To calculate the monthly cost of equipment purchases, divide the cost of the equipment by its estimated life cycle. The calculation of the unit cost of production is a breakeven point. This cost forms the base level price that a company uses when determining its market price value. Overall a unit must be sold for more than its unit cost to generate a profit. For example, a company produces 1,000 units that cost $4 per unit and sells the product for $5 per unit.

  • Unit cost is determined by adding fixed costs and variable costs (which are direct labor costs and direct material costs lumped together), and then dividing the total by the number of units produced.
  • Unit cost is a very important pricing and selling tool for any company, because it’s hard to set a profitable price when you don’t know what it costs you to produce a product.
  • Fixed costs do not change with production levels, while variable costs do fluctuate.

Up to a certain point, more production volume reduces the cost per unit of production. The more output that is produced, the more thinly spread the fixed costs of production across the units of output are. Furthermore, production economies of scale can lower the threat of new entrants (competitors) into the industry.

Fixed costs do not change with production levels, while variable costs do fluctuate. Understanding the cost of each unit you produce is essential to ensure your business remains profitable.

Businesses with high fixed costs generally operate differently than those with high variable costs. When fixed costs are high, you need more volume to break even, but your profits will be higher when you continue to increase that volume. If your business relies completely on variable costs, aside from discounts you may get from suppliers, your cost per unit will be the same whether you produce one unit each month or 10,000. A portion of an electric bill is usually a service fee with the cost of lighting and powering office equipment.

If a unit were priced at $3 per unit, there would be a loss because $3 minus $4 (cost) is a loss of $1 per unit. Unit costs will vary over time and as the scale of a business’ operation changes.

Identifying and analyzing a company’s unit costs is a quick way to check if a company is producing a product efficiently. Total cost (TC) in the simplest terms is all the costs incurred in producing something or engaging in an activity. In economics, total cost is made up of variable costs + fixed costs.

In accounting, to find the average cost, divide the sum of variable costs and fixed costsby the quantity of units produced. In this sense, compute it as cost of goods available for sale divided by the number of units available for sale. This will give you the average per-unit value of the inventory of goods available for sale. The minimum efficient scale is scale of production at which average cost of production reaches its minimum point.

This is because a significant percentage of the unit cost is fixed costs. Fixed costs are all costs that go into the making of a product that do not vary with the number of units produced. No, he’s going to expect a rent check regardless of what is happening in your factory.

Definition of ’per unit’

Unit costs are particularly sensitive to the effect of significant operational scale and to the relationship between fixed and variable costs for a business. There are some fixed costs that change month-to-month, such as a phone bill or utilities. The phrase “variable costs” refers to variances in production, not any changes in the expenses’ dollar amounts. Direct material costs are also limited to materials purchased and used in making the product.

These allow an “apples to apples” type of comparison that’s easier to see. This accounting measure includes all of the fixed and variable costs associated with the production of a good or service. Unit cost is a crucial cost measure in the operational analysis of a company.

cost per unit definition

Managers closely monitor these costs to mitigate rising expenses and seek out improvements to reduce the unit cost. Typically, the larger a company grows, the lower the unit cost of production becomes. Production at the lowest possible cost will maximize profits.

What does per unit mean?

Cost per unit is a measure of a company’s cost to build or create one unit of product.

Above-The-Line Costs Definition

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cost line

You should frequent film festivals, industry seminars, and workshops for opportunities to network. Resourcefulness, diplomacy, and efficient decision-making skills are invaluable for a line producer. You must be comfortable moderating compromises between members of the crew and be able to stand behind your choices. You will be working in a highly collaborative environment, but are also a leader and at the end of the day are responsible for the cost of a project.

However, operating income does not include items such as other income, non-operating income, and non-operating expenses. The Line Producer is one of the first people to be employed on a film’s production by the producer and executive producers. Alternatively, or in addition, they may manage the day to day physical aspects of the film production, serving a role similar to the unit production manager. Line Producers usually do not act as part of the creative team for a picture. Because Line Producers work on location, they don’t work on more than one film at a time (unlike other producer roles).

The COGS are the expenses incurred in the normal operations of the business to generate the revenues. They may include the cost of raw materials, wages of workers in the manufacturing line, and other direct manufacturing overheads. The items below the gross profit line are then below the line items that include operating expenses such as facilities rent, salaries, and utilities. A different interpretation of the concept is that “above the line” refers to the gross marginearned by a business.

cost

Line Producers must possess an in-depth knowledge of scheduling and budgeting, and of all the physical and technical processes of filmmaking. They need excellent industry contacts, and must command the respect of the production crew. Exceptional communication skills are required, as well as the diplomacy to balance the creative expectations of the director, artists and creative personnel with the financial resources available.

Above-the-line costs are those above the gross profit line, while below-the-line costs include costs below gross profit, namely operating expenses. Operating income–also called income from operations–takes a company’s gross income, which is equivalent to total revenue minus COGS, and subtracts all operating expenses. A business’s operating expenses are costs incurred from normal operating activities and include items such as office supplies and utilities. Once the costs are determined, the line producer is the person who is in charge of hiring all of the below-the-line production crew such as camera crews, lighting crews, and catering staff.

cost line

Line Producers are in charge of all the business aspects of the physical production of films. Line Producers are usually recruited onto the production team during the later stages of development. From this schedule the Line Producer can accurately estimate the cost of each day’s shooting, and produce a provisional budget estimating the total amount of funding required. Once the producer and executive producers have raised the required finance, the film can go into pre-production. Above-the-line costs are a company’s cost of goods sold, also called cost of revenue or cost of sales.

They always need to plan for the worst, while simultaneously being able to inspire others to excel in their work. Unlike producers, Line Producers are not responsible under health and safety legislation for setting up health and safety procedures; however, they are required to carry out risk assessments according to regulatory requirements. They must therefore know how to identify the hazards in the production environment, to assess the level of risk, to recommend action, and to carry out a review of their assessment.

This person is a troubleshooter on set and has the authority to make decisions that will affect the schedule or budget. Above-the-line costs are often referred to as the cost of goods sold (COGS), while below-the-line is operating and interest expenses and taxes. It’s important to note that operating income is different than net income as well as gross profit. Operating income includes more expense line items than gross profit, which primarily includes the costs of production. Operating income includes both COGS or cost of sales as well as operating expenses (highlighted in red above).

Under this interpretation, revenues and the cost of goods sold are considered to be above the line, while all other expenses (including operating expenses,interestand taxes) are considered to be below the line. The line producer is most often an industry veteran who has worked in a variety of positions, gaining a well-rounded knowledge of production. This is a freelance role, so there may be long periods of inactivity between gigs.

cost line meaning, cost line definition

What are above the line costs?

In economics an isocost line shows all combinations of inputs which cost the same total amount. Although similar to the budget constraint in consumer theory, the use of the isocost line pertains to cost-minimization in production, as opposed to utility-maximization.

Inventory that is sold appears in the income statement under the COGS account. The beginning inventory for the year is the inventory left over from the previous year—that is, the merchandise that was not sold in the previous year. Any additional productions or purchases made by a manufacturing or retail company are added to the beginning inventory. At the end of the year, the products that were not sold are subtracted from the sum of beginning inventory and additional purchases. The final number derived from the calculation is the cost of goods sold for the year.

  • Line Producers are in charge of all the business aspects of the physical production of films.

Analyzing operating income is helpful to investors since it doesn’t include taxes and other one-off items that might skew profit or net income. A company that’s generating an increasing amount of operating income is seen as favorable because it means that the company’s management is generating more revenue while controlling expenses, productions costs, and overhead.

Operating income is an accounting figure that measures the amount of profit realized from a business’s operations, after deducting operating expenses such as wages, depreciation, and cost of goods sold (COGS). “Below-the-line” is a term derived from the top sheet of a film budget for motion pictures, television programs, industrial films, independent films, student films and documentaries as well as commercials. The “line” in “below-the-line” refers to the separation of production costs between script and story writers, producers, directors, actors, and casting (“above the-line”) and the rest of the crew, or production team.

They must expect to work long hours, though the role can be financially very rewarding. Where a Line Producer has a creative input to the production, he or she is often credited as a coproducer. Above the Line and Below the Line is used by the company to manage the resources available in a company to deliver a surplus result.

For manufacturers, above-the-line costs are just another way of saying costs before operating expenses. Simply, they are COGS or the equivalent account that is subtracted from sales to arrive at gross profit. After gross profit on the income statement, there is a line, followed by itemized operating expenses. Above-the-line costs are the costs incurred by the business to make the product it sells or to provide its service. Above-the-line costs are determined differently for manufacturing and service businesses.

Knowing the cost of goods sold helps analysts, investors, and managers estimate the company’s bottom line. While this movement is beneficial for income tax purposes, the business will have less profit for its shareholders. Businesses thus try to keep their COGS low so that net profits will be higher.

For manufacturing-type businesses, above the line costs are any costs deducted to arrive at gross profit, namely cost of goods sold (COGS). Above-the-line costs refer to either costs above the gross profit line or the costs above the operating income line, depending on the type of company. COGS is not addressed in any detail ingenerally accepted accounting principles(GAAP), but COGS is defined as only the cost of inventory items sold during a given period.

Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This amount includes the cost of the materials and labor directly used to create the good. It excludes indirect expenses, such as distribution costs and sales force costs.

They are in charge of overseeing the production budget and the day-to-day operations. They work closely with the executive producer of a television show or the director of a film to make sure they are properly executing on the creative vision. Line producers are also in charge of coordinating all post-production efforts such as editing and special effects.

The line producer is brought on during pre-production and first must dissect the script to estimate costs based on personnel, locations, equipment, and all other requirements of the project. He or she will work closely with the director, production manager, and other department heads to create a budget and shooting schedule. The line producer will participate in below-the-line decisions like hiring crew and renting gear based on the budget he or she has established and that has been approved by the producers. During filming, the line producer will act as the eyes and ears of the producer to ensure the production runs on schedule and on budget.

Example of Above-the-Line Costs

A Line Producer may also hire key members of the crew, negotiate deals with vendors, and is considered the head of production. Line Producers are rarely involved in the development of the project, but often play a crucial role in costing the production in order to provide investors with the confidence to invest in the project. As soon as the finance has been raised, the Line Producer supervises the preparation of the film’s budget, and the day to day planning and running of the production.

Not only do service companies have no goods to sell, but purely service companies also do not have inventories. If COGS is not listed on the income statement, no deduction can be applied for those costs. For example, the COGS for an automaker would include the material costs for the parts that go into making the car plus the labor costs used to put the car together. The cost of sending the cars to dealerships and the cost of the labor used to sell the car would be excluded. Because COGS is a cost of doing business, it is recorded as a business expense on the income statements.

What are the Three Types of Accounts?

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classification of expenses

A budget is a financial plan for a defined period, often one year. It may also include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. Companies, governments, families and other organizations use it to express strategic plans of activities or events in measurable terms. Revenue is the inflow of cash as a result of primary activities such as provision of services or sale of goods. The term income usually refers to the net profit of the business derived by deducting all expenses from revenue generated during a particular period of time.

What are the different types of expenses?

Functional expense classification. The functional expense classification is a sorting and presentation method used in accounting, under which expenses are aggregated and reported by the activities for which they were incurred. Examples are benefits expense, compensation expense, and depreciation expense.

Sign up for QuickBooks to qualify for up to 50 percent discount off a paid subscription; plans start at $25 per month. Asset accounts, for example, can be divided into cash, supplies, equipment, deferred expenses and more.

Living expenses are expenditures necessary for basic daily living and maintaining good health. They include the main categories of housing, food, clothing, healthcare, and transportation. Understanding what’s involved in each of these areas will help you to budget for them. The Income Statement is one of a company’s core financial statements that shows their profit and loss over a period of time.

The 50/20/30 guideline offers a basic financial strategy for your spending and saving. The rule says that you should spend 50% of your income on your living expenses, like your rent and car payment. You should put 20% of your income in savings, whether that’s for a rainy day fund or a down payment on a house.

Any dividend received from oil company would be termed as dividend income rather than dividend revenue. Other examples of income include interest income, rent income and commission income etc. The businesses usually maintain separate accounts for revenues and all incomes earned by them. In the broadest sense, expense is the opposite of revenue, but it is not limited to that meaning. To earn a maximum profit, companies make an effort to cut down on expenses without reducing revenues.

There are five main types of accounts in accounting, namely assets, liabilities, equity, revenue and expenses. Their role is to define how your company’s money is spent or received. Each category can be further broken down into several categories. Cash flow/cash budget – a prediction of future cash receipts and expenditures for a particular time period. The cash flow budget helps the business to determine when income will be sufficient to cover expenses and when the company will need to seek outside financing.

Spending money on entertainment and clothing represent flexible expenses. Even expenses that must be incurred, such as a grocery bill, can be considered flexible because the amount spent can vary. Ironically, this often-overlooked (or underfunded) category is arguably the most important. Although saving money doesn’t have much impact on your day-to-day existence, it has everything to do with you and your family’s financial health further down the road. Without an emergency fund, you may find yourself in dire straits if you get blindsided by an unexpected medical expense, car accident, or sudden job loss.

This system was established in the 15th century and involves at least two different accounts for transactions and events. The system is characterized by credits and debts – if the sum of debits does not equal that of credits, it can be assumed that a mistake has been made.

Costs that prolong or improve the life of such assets are not considered expenses and are not tax-deductible. A personal budget or home budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget.

These expenses can be anything you want them to be — items not included in your needs or savings/debt repayment. The checklist below is meant to get you started, as your “fun money” may go to entirely different items than the next person’s. In the 50/30/20 budget, wants should account for 30% of your spending. In personal finance, flexible expense are costs that are easily changed, reduced, or eliminated.

  • Companies, governments, families and other organizations use it to express strategic plans of activities or events in measurable terms.
  • A budget is a financial plan for a defined period, often one year.

classification of expenses

You’ll also want to ensure your budget includes any debt repayment, such as for a student loan. These are costs incurred from borrowing or earning income from financial investments. Examples include loan origination fees and interest on money borrowed. An expense in accounting is the money spent, or costs incurred, by a business in their effort to generate revenues. Essentially, accounts expenses represent the cost of doing business; they are the sum of all the activities that result in (hopefully) a profit.

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For the remaining 30%, put it toward personal expenses like a night out with friends or a weekend getaway. While there are likely other recurring costs in your life, they might not be considered as a living expense. For example, recreational activities and entertainment aren’t living expenses. That means your gym membership and Netflix subscription should be accounted for elsewhere.

A third category (other than income and expenses) may be assets (such as property, investments or other savings or value) representing a potential reserve for funds in case of budget shortfalls. Expenses are divided into financing expenses, investing or capital expenses, and operating expenses in statements of cash flow. Capital expenses refer to purchasing equipment and other material facilities, while operating expenses are salary payments. For example, expenses subject to depreciation are considered such only if the business entity employs accrual accounting. 50/20/30 rule to create your budget, especially if you’re a young adult.

Insurance Expense, Wages Expense, Advertising Expense, Interest Expense are expenses matched with the period of time in the heading of the income statement. Under the accrual basis of accounting, the matching is NOT based on the date that the expenses are paid. Some living expenses are fixed and won’t change often, such as your monthly rent. That means that your spending and savings might differ from month to month, and that’s okay. Having a budget ensures you’re prepared and in a good financial place for whatever comes your way.

First Type of Expenses: Fixed Expenses

Fixed expenses, savings expenses, and variable costs are the three categories that make up your budget, and are vitally important when learning to manage your money properly. When you’ve committed to living on a budget, you must know how to put your plan into action.

However, in accounting and finance, the term is also used to denote all inflows of cash resulted by those activities that are not primary revenue generating activities of the business. For example, a merchandising company may have some investment in an oil company.

Under the US tax code, buying gas to fuel assets, such as a business car, is considered an expense whereas the actual car is not. This is because it is a business-related asset and as such, it also represents a capital expense.

Any product or service that your company purchases to generate income or manufacture goods is considered an expense. This may include advertising costs, utilities, rent, salaries and others. Some expenses are deductible and help reduce your taxable income. In addition to keeping track of your business expenses, you can track income, bank and credit card accounts, store digital receipts, and run detailed financial statements in just a few clicks.

natural expense classification definition

Types of expenses include salaries to staff, depreciation of capital assets, payments to suppliers, factory leases, interest expense for loans, and utilities. Buying assets such as equipment or building is not considered an expense.

classification of expenses

There are several methods and tools available for creating, using and adjusting a personal budget. For example, jobs are an income source, while bills and rent payments are expenses.

Is It Canceled or Cancelled?

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cancellation definition

Origin of cancellation

Also, note the date when the contract expires and that your letter serves as a notice for the contract’s non-renewal. Then ask for a confirmation receipt to verify that they’ve already canceled the business contract.

Canceled or Cancelled?

If canceled less than five days prior to booking start date, a partial refund of 75 percent of the full rental amount (minus fees) is issued, but the reservation deposit is non-refundable. An owner’s cancellation policy determines the amount of the renter’s reservation deposit. The reservation total is charged to all bookings made 14 or more days in advance. So what exactly would be considered an unreasonable cancellation fee? The security deposit will be refunded in full if the booking is canceled at any time prior to departure.

Criticisms ofcancel culture centered on the feeling that people were becoming too keen to ruin lives over mistakes made many years ago. That social media is too quick to pile on and police increasingly high standards of political correctness and do so in a way that simply is virtue signaling and performatively woke. That canceling has gone too far and simply become a way of rejecting anyone you disagreed with or someone who did something you didn’t like.

I followed up and reached out to a manager and received a refund pretty swiftly. Cancel with less than 7 days notice, and nights not spend are not refunded. Strict cancellation policiesGet a 50% refund of accomodation fees if you cancel 7 or more days before check-in. Moderate cancellation policiesGet a full refund of accommodation fees if you cancel 5 or more days before check-in.

Cancel within 24 hours of check-in, or after you’ve checked in, and accommodation fees for the nights not spent 24 hours after the official cancellation are fully refunded. The cancellation policy for Hilton properties can differ based on how the hotel ownership decides to implement their cancellation policies. Generally, you can expect to see cancellation policies for 48 to 72 hours but it’s possible they could be shorter or longer depending on the location and the rate that you booked. And if you book a rate that is not refundable, you might be able to still save yourself some money by re-booking your room subject to the terms above. Upon receipt of full payment for the new reservation, Hilton will issue a refund for the cancelled reservation, less a service fee.

British Dictionary definitions for cancellation

The ending was just so shit I wish the show was trully cancelled, even in the middle of this season. At least there would still be a potential, or even a hope for someone to pick it up. Akshay September 29, 2018Hi, I need to upload a cancelled cheque photo on Paypal. What if I scan it and then write ‘Cancelled’ on it inside Photoshop in a way that it looks authentic and actually written on the paper this way I will still have a clean actual cheque which I can use later on. Basically photoshopping the word Cancelled and still preserving the actual cheque that can be reused.

For any type of event cancellation, you don’t have to use a formal style or format. Still, maintain professionalism when writing the letter but you don’t have to be as formal as when you write a cancellation letter for business-related purposes. Most of the time, you would write a letter to your guests which is why it doesn’t have to be too formal.

Which is correct cancelation or cancellation?

Canceled or cancelled is the past tense of the verb to cancel. Both spellings are correct; Americans favor canceled (one L), while cancelled (two Ls) is preferred in British English and other dialects. However, there is only one correct spelling of the word cancellation, no matter where you are.

It may take several days to process your cancellation, so you may still get charged for another week or so. If you stopped reading your People Magazine subscription, it’s probably time to cancel so you can stop being charged for it. I have no doubts that the show was supposed to have more than 3 seasons.

If it wasn’t her, and it wasn’t Logan, then it’s Showtime canceling due to ratings and the budget of the show. I tend to lean to blaming Showtime more because they did a seriously shitty job of promoting the show and making it available sooner. I think it was on Hulu but that still garnered less subscribers and viewers. Two years into it, lots of people I recommended it to hadn’t the slightest idea that it existed.

What do you mean by cancellation?

: a decision to stop doing or planning to do something : the act of canceling something (such as a game, performance, etc.)

  • The reservation total is charged to all bookings made 14 or more days in advance.
  • If canceled less than five days prior to booking start date, a partial refund of 75 percent of the full rental amount (minus fees) is issued, but the reservation deposit is non-refundable.

All cancellation policy refund amounts are calculated from the total rental amount before fees, and not from the reservation deposit. A 48-hour grace period after booking is granted for renter cancellations made more than 14 days in advance. If canceled during this grace period, a full refund—including all fees—will be issued to the renter and the owner won’t receive payment. If a booking is less than 14 days away, the reservation is charged in full.

A cancelled cheque in India simply refers to any cheque that has strike marks on it with the words ‘cancelled’ written across. A cancelled cheque is considered to be proof that you actually hold an account with the bank. From withdrawal of EPF funds to setting up an Electronic Clearance Service from the account, a cancelled cheque is required in many cases. Finally, send out your letter of cancellation as early as possible. Also, informing them early would allow them to re-adjust their schedules and push through with the appointments they may have canceled to attend your event.

cancellation definition

After thousands of People Magazine customers came to GetHuman in search of an answer to this problem (and many others), we decided it was time to publish instructions. So we put together How do I cancel my subscription to People Magazine? It takes time to get through these steps according to other users, including time spent working through each step and contacting People Magazine if necessary. Best of luck and please let us know if you successfully resolve your issue with guidance from this page.

If you’re a member at a larger gym chain, talk to a higher-up instead of a membership advisor, too. I canceled an Equinox membership once and confirmed with an advisor that I would not get charged several times (I got charged anyway).

) as a political term of African-American origin refers to a perceived awareness of issues concerning social justice and racial justice. It is derived from the African-American Vernacular English expression “stay woke”, whose grammatical aspect refers to a continuing awareness of these issues. The color known to fall in the range between black and white can be spelled gray or grey. This is one of the most frequently queried words in English when it comes to spelling, because both spellings are common enough to seem familiar. Of the two, gray occurs more frequently in American English, while grey has historically been the spelling preferred by British English publications.

Cancelled vs. Canceled: British Examples

If you know that the cancellation comes with a fee, include the fee payment with your letter. If they owe you any money such as when you’ve canceled before the membership period expires and you have a good reason for the cancellation, make a request for the refund in your letter too.

It may take up to four weeks for the refund to be reflected on your credit card. Those links should open up a pop-up window where you can find more details about your cancellation policy. In this case, it tells the exact time and date for the free cancellation. You should note that the time for cancelling is in local hotel time. Some (like in the case below) set the time just before midnight but others might set it just before noon.

For a cancellation and rebooking to be considered, you must call our Advance Purchase Department to request a change to your reservation at or no less than three days prior to your scheduled check-in date. Another important aspect to note is that the Act requires establishments to seek to resell the cancelled rooms.

Former President Barack Obama notably criticized cancel culture (though not using the words as such), arguing that easy social media judgments don’t amount to true social activism. Cancel, efface, erase, expunge, and obliterate have as their first meaning the removal of written characters or other forms of record. What has been canceled, erased, expunged, may perhaps still be traced; what is obliterated is gone forever, as if it had never been. In many establishments, when a debt is discharged by payment, the record is canceled.

I recall during the airing of Season 2 there was talk that it would only go a couple more seasons. There was no announcement at any time that season 3 was the last season. The night of the finale, Showtime announced it as the “Season 3 finale!” and not the end of the series. The next day they announced it was officially over and had some silly promo about how “It was foretold!” This pissed off a lot of fans, including myself. Logan swears that he always planned for only three seasons, but the pacing is so rushed at the end of S3 that many people believe he planned for four and either got cancelled or decided to quit.

If you cancel a flexible fare after the cut-off time, you’ll probably be charged the cost of the first night of your reservation (including taxes and fees). If you booked with points, you’ll likely lose the points for the first night of the stay. Hilton will generally require you to cancel hotel bookings 48 to 72 hours before check-in but it depends on the type of room rate that you booked and the locations of the hotel. Also, some rates such as the advanced purchase rates are not refundable and can’t be cancelled (though there are some workarounds for that).

Finally, end your letter on a friendly note then affix your signature after printing it out. After that, state the reason why you’re requesting for the cancellation. Use a single sentence for your explanation and make sure that it’s clear. You may also want to request for a receipt to verify that they have canceled your subscription or membership. If you want a cancellation to push through, then you need to write the letter and sent it to make your intent known and to make the cancellation official.

Both spellings are correct; Americans favor canceled (one L), while cancelled (two Ls) is preferred in British English and other dialects. However, there is only one correct spelling of the word cancellation, no matter where you are. Cancel within 5 days of check-in, or after you’ve checked in, and accommodation fees for the nights not spent 24 hours after the official cancellation are 50% refunded.

Historical Timeline

Posted on 11.05.2020Categories Bookkeeping 101  Leave a comment on Historical Timeline

breyer metal lost $125,000 due to labor strikes. how should breyer metal report this loss?

Business this week

The estimated cost of Muskrat Falls has almost doubled, to 11.4 billion Canadian dollars, and the price it now gets for exported power has fallen. Dr. Sunderland suggests it may be sufficient to remove only the soil with the highest carbon content and increase oxygen or iron levels in the water.

He and former teammate at Oklahoma A&M, Fendley Collins, coach at Michigan State, founded the Michigan State High School Wrestling Championships in 1939. Keen’s influence on the sport of wrestling went well beyond the State of Michigan; he served on the U.S. Olympic Committee, , and was the first University of Michigan Head Coach to be named as Olympic Wrestling Coach in 1948 after serving in the military during World War II where he was one of the chief training physical training officers in the Navy. He combined with two other Hall of Fame wrestling coaches, Ray Swartz and Charlie Spiedel, to author, Championship Wrestling in 1943, and also wrote the Navy Athletic manual. He developed the circular wrestling mat in 1955, and was the first wrestling coach to develop instruction of the sport through loop films in 1952.

He grew up in a large family and lost two sisters to tuberculosis in his teenage years. He attended Oklahoma A&M at Stillwater, and played football for John Maulbetsch, former Ann Arbor High School and University of Michigan All-American, and Legendary Wrestling Coach Ed Gallagher. Keen won three conference wrestling championships and was undefeated at 158 lbs.

Leo Burnett, a 1914 graduate at the University of Michigan, founded The Burnett Company in 1935 at The Palmer House in Chicago; he was named by Time Magazine in 1999 as one of the most influential people of the century. In addition, suppose we do eat less meat and live more sustainably, allowing the population to grow by an additional several billion, what then?

Health Department investigating event in parking lot near Parkville business

And unnatural crimson streams will spring from the ground across the suburbs to the east of Johannesburg as the rising water escapes. Frank Hammes, chief executive of IQAir, a Swiss-based maker of air filters, said his company’s sales were hundreds of times higher in China than in India.

Keen was inducted into the Sporting Goods Hall of Fame posthumously in 2011. Keen was also inducted into the Michigan Athletic Hall of Honor , National Wrestling Hall of Fame , Michigan Sports Hall of Fame , and the Helms Athletic Foundation Hall of Fame . A book was written about Keen in 2013, and the great legacy he left to the sport of wrestling, the University of Michigan and the State of Michigan.

U.S. Sugar will continue to lease the land for the next six years to fulfill commitments. A recent federal court ruling faulted the company’s practice of pumping dirty water back into Lake Okeechobee.

  • A number of states have filed lawsuits challenging the guidance, arguing that the Administration is “foisting its new version of federal law” on schools.
  • But the Departments’ interpretation is not drawn from whole cloth.

On November 4, 1991, Cliff Keen, one of Michigan’s true legends passed away. Keen grew up in Western Oklahoma working on a farm; he had incredibly large hands with an unbelievable grip.

He noted that Chinese people seemed more concerned about the air, especially around small children. “It’s always puzzled me that the focus is always on China and not India,” said Dr. Angel Hsu, director of the environmental performance measurement program at the Yale Center for Environmental Law and Policy. “. . . India gets no pressure to release better data,” so the India public is less well informed. Yet WHO rates India as having the world’s highest death rate of chronic respiratory diseases and more asthma deaths than any other nation. The director of the Chest Research Foundation says that half of all doctor visits in Delhi are for respiratory problems.

Maulbetsch recommended him to Yost in 1925 to coach football and wrestling at Michigan after Keen spent two years teaching and coaching at Frederick High School where his football team won the State Championship and outscored opponents, 355 to 3. Keen came to Ann Arbor in 1925 to take over the Wolverine wrestling team who finished in last place in the conference each season since the sport held varsity status.

Economy of England at the Time of the Norman Conquest

in three seasons of varsity competition, and was a varsity football standout at center and linebacker. He was also the business manager for the Orange and Black, school newspaper. He married Mildred Smith, a State Tennis Champion, Class Valedictorian at Idabel, and avid sharpshooter in 1923, the same year he graduated college.

We will have even more people to feed in the next generation and in the meantime, there is less arable land per person and that land is being degraded. A Sacramento Superior Court judge ruled against the district on a number of points filed by many of the water agencies that divert drinking water from the Delta to serve more than 20 million people throughout California. Millions of gallons of the same kind of toxic water lie underneath Johannesburg, a city of nearly 4 million people. If nothing is done, subterranean parking garages will fill with the toxic red water in about two years’ time. Tunnels for electrical cables and underground railway stations will flood.

An agreement in late October allows partial flooding behind the dam. In return, the province of Newfoundland and Labrador, which owns Nalcor, the utility building the dam, promised to implement the recommendations from an independent advisory group. The protesters want Nalcor to dig up and cart away most of the topsoil that would be covered by the 40-mile-long reservoir. The government has left that possibility open, but it would add to the cost at a time when oil revenues have collapsed, creating financial problems for the historically poor province of 530,000 people.

A number of states have filed lawsuits challenging the guidance, arguing that the Administration is “foisting its new version of federal law” on schools. But the Departments’ interpretation is not drawn from whole cloth. In fact, courts have recognized that sex discrimination under federal civil rights statutes includes discrimination based on someone’s transgender status for some time, authority that is noted in the Departments’ guidance, and is collected here and here.

breyer metal lost $125,000 due to labor strikes. how should breyer metal report this loss?

Company-Selected Doctors

Keen was President of the National Wrestling Coaches Association in 1954. Others had outstanding careers in other fields, but his leadership as a business entrepreneur helped inspire Doug Horning (M-Den) and Bob Betzig (Ann Arbor Machine Company) amongst many others.

He won four consecutive Western Conference Championships, , with two of his squad members earning starting Olympic births in 1928. His 1928 team had 7 NCAA Semi-Finalists in 8 weight classes. He went on the coach both football, , and wrestling at Michigan, , and claimed 13 Big Ten Championships with 40 of his 45 teams placing in the Top 3 in the conference. His wrestlers captured 19 NCAA or National AAU Championships with 81 Big Ten Conference Champions and 68 All-American placewinners. He won 268 dual meets with a streak of 34 consecutive wins, , and winning 55 of 56 matches, .

When You Have to Beg for Love, It's Not Really Love

Posted on 11.05.2020Categories Bookkeeping 101  Leave a comment on When You Have to Beg for Love, It's Not Really Love

beg definition

Today, begging in Denmark is illegal under section 197 of the penal code. Begging or letting a member of ones household under 18 beg is illegal after being warned by the police and is punishable. Each state and territory in Australia has specific laws regarding begging and panhandling. Begging for alms is illegal in Victoria, South Australia, Northern Territory, Queensland and Tasmania. “Aggressive panhandling” has been specifically prohibited by law in various jurisdictions in the United States and Canada, typically defined as persistent or intimidating begging.

A law against begging ended in 1994 but begging with aggressive animals or children is still outlawed. Begging has been legal in Finland since 1987 when the poor law was invalidated. In 2003, the Public Order Act replaced local government rules and decriminalized begging. The province of Ontario introduced its Safe Streets Act in 1999 to restrict specific kinds of begging, particularly certain narrowly defined cases of “aggressive” or abusive begging. In 2001 this law was upheld under the Canadian Charter of Rights and Freedoms.

Although the Begging (Prohibition) Act was introduced in 1962, this has not been enforced and the begging population in Kathmandu has since grown to over 5,000, according to police estimates. This shoe box is claimed to help provide a sustainable livelihood for the beggar but in actual fact, will be returned to the seller for money.

Doing these short examples will show how looking at word choices and phrasing can help identify both elements. These are the richest beggars of India – Not only these beggars, but there are many other beggars who can make you feel poor by their monthly income. Now I believe, why it is said “begging is a rather profitable business to live a life in India”.

In contemporary India, beggars are often stigmatized as undeserving. People often believe that beggars are not destitute and instead call them professional beggars.[vague][better source needed] There is a wide perception of begging scams. This view is refuted by grassroots research organizations such as Aashray Adhikar Abhiyan, which claim that beggars and other homeless people are overwhelmingly destitute and vulnerable.

According to the reports, Bharat Jain, or the richest beggar of India has two apartments worth Rs. 140 lakh. He mints a lot of money through rents and also earns up to Rs. thousand in a month just from begging. Here we brought a list of richest beggars of India and their earning. So, the next time to decide to shell out some money to them, think twice.

As verbs the difference between ask and beg

Laxmi Das started begging at the age of 16 and by the time now, she is one among the India’s richest beggars. Laxmi Das is begging in the streets of Kolkata and has collected a huge bank balance by now.

According to Chachipe, a Roma rights advocacy NGO, 1639 begging cases were reported by Luxembourgian law enforcement authorities. Roma beggars were arrested, handcuffed, taken to police stations and held for hours and had their money confiscated.

beg definition

However, individual aggressive beggars may be subject to court injunction and jail. By law n° of 18 March 2003, “aggressive begging” (mendicité agressive), i. Aggressive panhandling is a legal term for unlawful forms of public begging.

Further reading

U. S. Courts have repeatedly ruled that begging is protected by the First Amendment’s free speech provisions. S. Court of Appeals struck down a Grand Rapids, Michigan anti-begging law on free speech grounds.

In response, many jurisdictions have responded by narrowing the definition of illegal panhandling. The generally accepted terminology is to denominate such activity as aggressive panhandling. In general, aggressive panhandling is a solicitation made in person for immediate donation of money or other gratuity. It is a habitual manipulative, coercive, or intimidatory use of another individual’s sympathy, fear, guilt, or insecurity for monetary gain. Finding mood and tone in a story can begin by looking at sentences.

Beggars would often perform or train animals to perform to earn coins from passerby. Although beggars were of low status in Ming, they were considered to have higher social standing over prostitutes, entertainers, runners, and soldiers.

  • Begging (also panhandling) is the practice of imploring others to grant a favor, often a gift of money, with little or no expectation of reciprocation.
  • Besides money, they may also ask for food, drink, cigarettes or other small items.

Religious begging

Solicitation of money on the street has been legal in Finland since at least 1987, when the Poor Law was invalidated. In 2003, the Public Order Act replaced any local government rules and completely decriminalized begging. The province of Ontario introduced its Safe Streets Act in 1999 to restrict specific kinds of begging, particularly certain narrowly defined cases of “aggressive” or abusive panhandling.

In 2001 this law survived a court challenge under the Canadian Charter of Rights and Freedoms. The law was further upheld by the Court of Appeal for Ontario in January 2007. Aashray Adhikar Abhiyan and People’s Union of Civil Liberties, PUCL have critiqued this Act and advocated for its repeal. Section 2 of the BPBA broadly defines ‘beggars’ as those individuals who directly solicit alms as well as those who have no visible means of subsistence and are found wandering around as beggars. Therefore, during the implementation of this law the homeless are often mistaken as beggars.

BEG

Although India is known to have a huge population below poverty line, the act of begging here has become more of professional and systematic. Richest beggars of India – Over the last few years, all I can say is rich have got prosperous and professional begging has become a new trend. The Fraser Institute criticized this study, citing problems with potential exclusion of lucrative forms of begging and the unreliability of reports from the panhandlers who were polled in the study.

Their studies indicate that 99 percent men and 97 percent women resort to beggary due to abject poverty, distress migration from rural villages and the unavailability of employment. The British Poor Laws, dating from the Renaissance, placed various restrictions on begging. The welfare state of the 20th century greatly reduced the number of beggars by directly providing for the basic necessities of the poor from state funds. Beggars have existed in human society since before the dawn of recorded history. Street begging has happened in most societies around the world, though its prevalence and exact form vary.

Beggar homes, which are meant to provide vocational training, have been often found to have abysmal living conditions. Begging is criminalized in cities such as Mumbai and Delhi as per the Bombay Prevention of Begging Act, BPBA . Under this law, officials of the Social Welfare Department assisted by the police, conduct raids to pick up beggars who they then try in special courts called ‘beggar courts’.

An Arcata, California law banning panhandling within twenty feet of stores was struck down on similar grounds in 2012. However it does not carry a jail sentence and is not enforced in many cities, although since the Act applies in all public places, it is enforced more frequently on public transport. Local authorities may issue public spaces protection orders for particular areas which makes begging subject to a fine. Law 61 of 1991 forbids the persistent call for the mercy of the public, by a person who is able to work.

Begging (also panhandling) is the practice of imploring others to grant a favor, often a gift of money, with little or no expectation of reciprocation. Beggars may be found in public places such as transport routes, urban parks, and markets. Besides money, they may also ask for food, drink, cigarettes or other small items. Although begging is illegal, it does not carry a jail sentence under the Vagrancy Act of 1824.

beg definition

If convicted, they are sent to certified institutions called ‘beggar homes’ also known as ‘Sewa Kutir’ for a period ranging from one to ten years for detention, training and employment. The government of Delhi, besides criminalizing alms-seeking has also criminalized alms-giving on traffic signals to reduce the ‘nuisance’ of begging and ensure the smooth flow of traffic. Historically beggars were controlled by the Stodderkonge or ‘beggar king’ for a town or district.

The Meaning of BEG

What does beg in slang mean?

BEG means “Big Evil Grin” So now you know – BEG means “Big Evil Grin” – don’t thank us. YW! What does BEG mean? BEG is an acronym, abbreviation or slang word that is explained above where the BEG definition is given.

Proponents of such legislation advocate placing limits on these activities. Some opponents lament what they perceive to be the “criminalization of homelessness” and argue that such laws are discriminatory or unevenly enforced. Some shelters also offer business cards with information on the shelter’s location and services, which can be given in lieu of cash. This has been criticised since there are typically far fewer shelter beds than people in need. Begging in Luxembourg is legal, except when it is indulged in as a group or the beggar is a part of an organised effort.

Crippled by Polio it is said that Laxmi earns Rs. 1000 per day by begging which makes Rs. 30,000 in a month. He is an amazing young beggar whose favorite begging spots is CP Tank near Charni Road in Mumbai. Owning a flat at Mumbai’s hotspot, Nala Sopara, Krishna roughly earns Rs. 1500 per day by begging. Apart from this, Krishna Kumar Gite lives with his brother and his brother handles all the money earned by him. Bharat Jain is said to be the millionaire beggar of India with a huge bank balance and properties under his name.

What is considered begging?

Begging (also panhandling) is the practice of imploring others to grant a favor, often a gift of money, with little or no expectation of reciprocation. A person doing such is called a beggar or panhandler. A beggar is different from a religious mendicant as some mendicants do not ask for money.

9 Common HOA Violations And How To Avoid Them

Posted on 08.05.2020Categories Bookkeeping 101  Leave a comment on 9 Common HOA Violations And How To Avoid Them

association dues

The work was expensive and the townhouse never had the flooding problem in thirty years until the driveway dropped so low. Therefore, the cause of damage to my finished basement lies with the HOA. Due to failing to maintain their driveway they breached their contract with me.

The board can withdraw funds from its reserve, but reducing the reserve fund puts the association at risk in the event of an emergency. The board can impose a one-time special assessment, but it might have to do so again the following year. Providing state law and the association bylaws allow it, the board also can increase the annual fees in mid-year. Moving forward…my unit has massive damage caused by failed maintenance to the exterior.

So, you just moved into a homeowners association (HOA) – congratulations! Not only is your new home and neighborhood just right for your family’s needs, but the landscaping and common areas in your community are attractive and appealing. You even get to enjoy some great amenities – perhaps a fitness center, clubhouse or game room. Of course, it takes money for your community to remain beautiful and well maintained. And that’s why it’s necessary for every homeowner to pay association fees.

I also have a rotten fence out back surrounding a small area that is considered to be mine to maintain but I have no ownership in. Again, on the chart it shows replacement of the fence is on the HOA. Since the driveway dropped and water has poured underneath the garage and causing massive flooding in my basement, I had to hire contractors to try and repair my basement.

When the changed the agreement to read they would “repair” the driveway and fence, I refused to sign. I have been told by three contractors the driveway is beyond repairing, the base has eroded due to infiltration of water and cannot be repaired because the base under it needs to be replaced. You could not put a child or dog inside the fence and expect them not to push on a few pickets and escape. The money I placed in escrow would have covered the cost of the new driveway and new fence. It was my intention as soon as the driveway and fence were replaced to release the money, have the lien removed, sell and get the hell out of here.

Shared housing developments, like condos or subdivisions, may impose monthly fees on homeowners in the community called Homeowners Association Dues. These dues are usually payable monthly and are used to cover maintenance and management of common areas and facilities. Some unit owners may find themselves in financial trouble and stop paying their condo fees. The board must exercise its authority to collect money owed and can put a lien on units that are in arrears. In the meantime, one way or another, other unit owners are required to cover the shortfall to meet the association’s expenses.

With the economy booming now and real estate selling like hot cakes they are selling for prices like never before. These poor suckers that bought in and paid these ridiculous prices will soon learn the HOA does not perform the maintenance as per the contract. And, by that point they will be upside down in these properties. So, the foreclosure process will start again. They buy them up and turn them into rentals.

To cover these property maintenance expenses and repairs, homeowners associations collect fees or dues (monthly or yearly) from all community members. For a typical single-family home, HOA fees will cost homeowners around $200 to $300 per month. A homeowners association can’t force an owner to sell a home for not following the HOA rules. However, community associations can enforce the rules and initiate reasonable fines for violations.

We now have a high percentage of rentals. A few days ago they found someone dead in the swimming pool. I am holding my breath they do not find fault with the HOA for this death. Lawsuits and settlements are paid for by homeowners with special assessments.

Homeowners associations are made up of members of homeowners, as the name suggests, in a single neighborhood or condominium. Homeowners pay a monthly fee or yearly lump sum that goes directly to the homeowners association’s fund. This money is pooled and then distributed to cover any utility, maintenance, amenity, additions, and repairs in the neighborhood. Someone buying a unit in a condominium development is automatically a member of the homeowners association and required to pay regularly scheduled fees. Condo fees generally increase once a year, but a second increase could be allowed under certain circumstances.

And then maintenance provided multifamily properties were marketed to home buyers as a convenience. t work well in many condo and homeowners associations. You can have voluntary HOA for a townhouse community, but then each owner must do their own maintenance or arrange for someone else to do the work. The only solution is to dissolve/terminate the condo association and turn it into rental apartments. s happening with greater frequency in older condo associations ?

Many HOAs pay property managers to oversee maintenance and deal with other real estate–related property issues. HOA fees might also include insurance payments to cover common areas.

but there are always some condo owners who LOSE big when forced to sell their condo because a owners of a super majority of condos want to sell and/or turn them into apartments. s why condos are an even bigger risk than single family detached homes with an HOA. I understand you not wanting to leave your fly-in community with the hangar next door.

As I’ve observed for over thirteen years of living in an HOA the problem is not money it’s financial management. The board makes poor decisions on contractors and the work has to be redone over and over again. Thousands of dollars will be spend on a job that if done by a licensed skilled contractor would cost a few hundred dollars. They know nothing about strategic planning, construction projects, or business management. They hire some hot shot with a business card and a working phone number with CAI credentials to ‘manage’ the HOA for them.

What is association fee?

Homeowners Association Dues. Shared housing developments, like condos or subdivisions, may impose monthly fees on homeowners in the community called Homeowners Association Dues. These dues are usually payable monthly and are used to cover maintenance and management of common areas and facilities.

I highly recommend reading Neighbors At War The Creepy Case Against Your Homeowners Association by Ward Lucas. Shelly Marshall has some emails on Amazon called HOA Warrior and HOA Warrior II. Those would be good places to start. You might want to contact Shu Bartholomew at onthecommons dot net and try to become a guest on her HOA radio show. After hearing your story some of the experts that listen to the show might be able to offer you some help. I’ve had neighbors sell for losses of tens of thousands of dollars to get out.

  • To cover these property maintenance expenses and repairs, homeowners associations collect fees or dues (monthly or yearly) from all community members.
  • A homeowners association can’t force an owner to sell a home for not following the HOA rules.

How to Form a Homeowners’ Association

They want to destroy me financially, take my home, and leave me homeless because I exposed all the corruption of the HOA and the property manager. To me, it appears the judge is in on it. My attorney now agrees with me…it was never about the money.

The bylaws of individual homeowners associations should outline ways that the association can stay solvent. For example, the board can cut back on such services as landscaping or security.

Because Kansas allows me 12 months to stay in the property once it’s sold on the courthouse steps. The HOA has to pay the taxes, insurance, and HOA fees for that 12 months, not me. Have you ever heard the saying, “You can’t fix stupid? ” In the beginning my attorney thought this was all over the HOA wanting their dues. I told him this has nothing to do with money.

What Happens If Someone Doesn’t Pay HOA Fees?

However, if the board sets out to destroy you they will deny suspend your use of the air strip and leave you with no way to fly your aircraft without having your bank account held hostage. In addition, most states allow for HOAs to lien the property and foreclose on the lien. Many states have non-judicial foreclosure.

association dues

I withheld my dues because this was the third breach of contract I have dealt with. The HOA placed a lien for the dues and foreclosed on the lien. I put the amount owed into the escrow of my attorney as agreed in the mediation. The HOA was to replace the driveway and fence and I would have then released the money from escrow to them.

How are association dues calculated?

A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.

Many have walked away and let them foreclose. The foreclosures are not figured into the comps.

association dues

They are talked into million dollar loans, spending money to “spiff” up the community while letting the maintenance of the properties fall to dilapidated levels. So, the entrance looks fancy, the clubhouse looks like the Taj Mahal, the pools are pristine, flower beds are visible BUT the townhouses and homes look like shanty town. The property manager smiles all the way to the bank because the stupidity of the board members are allowing them to pay him $400K year and a 10% finder’s fee on a $1M loan. Leaving the HOA/homeowners in massive debt, rotting frames on their units, and dictators as board members.

What Is a Homeowners Association Fee?

If a homeowner doesn’t pay fines, late fees can pile up and an HOA can put a lien against the home (even if it has a mortgage) and foreclose on the lien, too. Here’s the kicker…this all started because the HOA refused to replace the driveway to my home that had dropped below the garage floor. This drop was so severe I had to use four wheel drive to get in my garage. I do not own the driveway, the HOA does.

Homeowners associations are created under state laws; in California, condos are governed by the Davis-Stirling Common Interest Development Act. When you’re on the hunt for a new place, you’ll notice that some homes are in a community with a homeowners association, or HOA. Some folks think of HOAs as over-reaching neighborhood patrols, while others believe the rules protect and enhance property values.

I refused to pay dues into this corrupt organization after paying for several years and seeing nothing done and incurring damages to the interior of my unit. It’s been a living hell for over thirteen years! They were not allowed to drive the trucks to her home they had to walk so as to not raise suspicion. However, none of this will be known now because the judge denied me a trial, an affirmative defense, and awarded the HOA summary judgement to foreclose and take my mortgage free townhouse.

How to be your authentic self in relationships

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WORDS THAT MAY BE CONFUSED WITH whole

as a whole definition

They can also have different functions in a sentence, known as their part of speech.

whole

You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level. The first spelling, ‘hole,’ refers to a hollow space, like a ‘hole in the ground’.

SYNONYMS FOR whole

  • ‘Hole’ and ‘whole’ are homonyms that are often confused for each other.

What does the phrase as a whole mean?

Definition of as a whole. : as a complete unit —used to make a statement that relates to all the parts of somethingLanguage as a whole is constantly evolving. The lecture was intended for the group as a whole. The company as a whole is doing well.

‘Hole’ and ‘whole’ are homonyms that are often confused for each other. Remembering that ‘hole’ and ‘hollow’ both start with an ‘h’ is a good way to remember the difference. ‘Whole’ can be a noun referring to something that is complete, but is more commonly used as an adjective describing a noun that is complete. Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities.

A good way to remember the difference is that both ‘hole’ and ‘hollow’ start with an ‘h’. ‘Whole’ and ‘hole’ are homonyms, meaning they sound alike but are spelled differently and have different meanings.

How do Annuities Work? – Nationwide

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annuity due definition

With an immediate payment annuity (also called an income annuity), fixed payments begin as soon as the investment is made. If you invest in a deferred annuity, the principal you invest grows for a specific period of time until you begin taking withdrawals—usually during retirement. As with IRAs, you will be penalized if you try to withdraw funds from the deferred annuity early before the payout period begins. Another option for annuities is to receive payments for the rest of your life. When you die, your lifetime annuity ends — nothing is left behind to a beneficiary.

This type of annuity offers a way to provide income to a beneficiary in the event of unexpectedly early death, but also ensures that you keep receiving income payments if you live a long time. Creating streams of regular income is one of the fundamental goals of retirement planning.

Indexed annuity contracts also offer a specified minimum which the contract value will not fall below, regardless of index performance. After a period of time, the insurance company will make payments to you under the terms of your contract. An annuity is a long-term investment that is issued by an insurance company designed to help protect you from the risk of outliving your income. Through annuitization, your purchase payments (what you contribute) are converted into periodic payments that can last for life.

Annuity Due vs. Ordinary Annuity

A whole life annuity due is a financial product sold by insurance companies that require annuity payments at the beginning of each monthly, quarterly, or annual period, as opposed to at the end of the period. This is a type of annuity that will provide the holder with payments during the distribution period for as long as he or she lives.

Annuities are insurance products that provide a source of monthly, quarterly, annual, or lump-sum income during retirement. An annuity makes periodic payments for a certain amount of time, or until a specified event occurs (for example, the death of the person who receives the payments). Money invested in an annuity grows tax-deferred until it is withdrawn. For someimmediate annuities, such as a lifetime immediate income annuity without term certain, the insurance company keeps the money when the owner dies.

Alternatively, an ordinary annuity payment is a recurring issuance of money at the end of a period. Contracts and business agreements outline this payment, and it is based on when the benefit is received. When paying for an expense, the beneficiary pays an annuity due payment before receiving the benefit, while the beneficiary makes ordinary due payments after the benefit has occurred.

How Annuity Due Works

So, compared to a “zero cost” indexed ETF you’re paying an additional 2.25% and you’ll never come out ahead in the long run. And more caveats…if you start adding riders (death benefit, living benefit, etc) the company starts taking a lot more than 1.25% but you’re getting bigger guarantees. the insurer buys options on the s&p with the interest generated from bonds. unfortunately rates are low so they cannot buy as many options as in the past.

A fixed annuity is an annuity whose value increases based on stated returns within the annuity contract. Payouts on most immediate annuities are interest rate sensitive, and so when rates are low, the amount of future income you’ll get from an immediate annuity can be relatively small. Still, as a way to guarantee a stream of income for as long as you live, an immediate annuity can be extremely useful. Many monthly bills, such as rent, mortgages, car payments, and cellphone payments are annuities due because the beneficiary must pay at the beginning of the billing period. Insurance expenses are typically annuities due as the insurer requires payment at the start of each coverage period.

I had two others that averaged 4.5% because I got fancy and selected some weird global indexes. Your article, like almost everyone’s concerning annuities, addresses the downside of annuitizing. Annuities have Income Accounts where the owner can take monthly payments as if he annuitized but if he dies too soon the remaining amount is paid to beneficiary. I think if you are not in the financial planning business or own annuities you cannot understand how they work. It is entirely different to write about something compared to doing the something.

However, the annuitant can purchase a refund option or period certain rider, and a beneficiary would receive any remaining payments. In simple terms, you buy an annuity plan with one large payment or series of contributions. From there, the financial institution distributes money back to you for a certain time frame, depending on what kind of annuity you purchase. The money you put in grows through various investments made by the financial institution. Fixed rate annuities guarantee a certain payment that does not fluctuate, while variable rate annuities’ income payout depends on the underlying investment performance.

In a fixed annuity account, your monthly payment is based on a fixed interest rate applied to the account balance at the start of payments. Variable annuity account payments are based on the investment performance of your account. The annuity company gives you a list of 15-30+ mutual fund type products you can invest your money in. You pay all the normal expenses associated with those “underlying” mutual funds and that’s around 1.00%. Then your investment grows just like it would if you were directly invested in those funds except the Annuity Company takes the first 1.25% of market gain and you keep the rest.

annuity due definition

The largest insurance carriers are likely to make all payments on time, but annuities from smaller carriers carry some risk that the insurer will default on its payments. For those with an employer-sponsored retirement plan, qualified annuities are an option. With one specific type – a qualified longevity annuity – you can delay payments until late into retirement. Also, you don’t have to include annuity funds as part of your required minimum distribution, which may reduce your taxes. These annuities guarantee that payments will last your entire lifetime.

  • Annuities are insurance products that provide a source of monthly, quarterly, annual, or lump-sum income during retirement.
  • Money invested in an annuity grows tax-deferred until it is withdrawn.

Annuity Due Overview

An immediate annuity is the easiest type of annuity for most people to understand, because in its most common form, it has very basic provisions. You can structure an immediate annuity to pay for the rest of your life, for a fixed period of time, or for as long as you and another person you choose as a beneficiary are still living. An annuity account is meant to pay you money each month for either a fixed number of years or until you die, according to your contract with the insurance company.

Seniors can pay for annuities with their own savings or transfer funds from employer-sponsored qualified retirement plans. Once annuitization takes place, a fixed amount is paid to you—either as a lump sum or in payments over several years or your lifetime. Either way, the fees and charges on annuities will conspire to diminish your retirement income. The main sales pitch for annuities is that they provide a regular income stream in retirement that lasts for the rest of your life.

If an annuity contract has a death-benefit provision, the owner can designate a beneficiary to inherit the remaining annuity payments after death. How inherited annuities are taxed depends on their payout structure and whether the one inheriting the annuity is the surviving spouse or someone else. A fixed indexed annuity offers returns based on the changes in a securities index, such as the S&P 500® Composite Stock Price Index.

What is the difference between an annuity and an annuity due?

An annuity due is a repeating payment that is made at the beginning of each period, such as a rent payment. It has the following characteristics: All payments are in the same amount (such as a series of payments of $500). All payments are made at the same intervals of time (such as once a month or year).

Ordinary Annuity Overview

After you stop working, you must gain periodic income from other sources in order to maintain the same standard of living you had before retirement. Annuities are a type of financial product where you pay an insurance company a lump sum or a series of payments, and in exchange it will pay you monthly income during retirement.

Annuity due situations also typically arise relating to saving for retirement or putting money aside for a specific purpose. An annuity due payment is a recurring issuance of money upon the beginning of a period.

For example, you could buy an annuity that lasts five, 10, 20 or even 30 years. Annuities that pay a guaranteed amount over a specific period of time are known as period certain annuities. If you happen to die before the end of the term, the remainder of the payments can go to a beneficiary such as a spouse or child. Ordinary annuities are seen in retirement accounts, where you receive a fixed or variable payment every month from an insurance company, based on the value built up in the annuity account.

Lifetime annuities can be attractive options for younger retirees who may live longer than 30 years. The duration of an annuity depends on the specific terms in the annuity contract. Similar to life insurance, you have the option of choosing annuities that pay out for different periods of time.

If the money you invest in an annuity is depleted before you die, you will continue to receive the same amount of income. That’s because insurance companies pool your money with other policyholders’ money, invest it, and then distribute annuity payments to everyone.

Annuities are purchased with a lump sum or a series of premiums.Deferred annuitiesare paid out after a period of time where money grows tax deferred. Immediate annuities, alsosingle premium, turn around payments within 12 months.

Nationwide annuities are designed to help you grow your retirement income. They’re a long-term contract from an insurance company where you invest your money. An immediate annuity is a contract under which a company agrees to give you a fixed amount of money per month, starting immediately. Generally, immediate annuities are intended to create lifelong income streams, but there are some that only pay for a set period.