Bank accounts

Mutual Exclusion (MUTEX). The idea of multiple entities all working on the same piece of work raises this issue of coordination and communication among the individual processes. A weU-known example from banking is instmctive. Consider two bank tellers simultaneously performing withdrawals from the same bank account. Both read the account balance and determine that the balance is 100, and so a withdrawal of 100 is allowed. Both then withdraw 100 from the account. Clearly this process needs some means by which the actions of the independent processes can be synchronized and coordinated. 

Let us consider the purchase of 50,000 worth of plant equipment by company A, paid for by check. The accounting entries are debit the plant-equipment account 50,000, and credit the bank account 50,000. The plant-equipment account is then said to have a debit balance of 50,000, and the bank account a credit balance of 50,000, if these happen to be the only entries. 

If company A then sells 100,000 worth of product that is paid for by check, the accounting entries are credit the sales account 100,000, and debit the bank account 100,000. The bank account will now have a debit balance of ( 100,000 — 50,000) = 50,000, and the sales account a credit balance of 100,000, if this happens to be the only sale to date in the accounting period. 

Of the accounts considered in the preceding illustrations, the plant-equipment and bank accounts are asset accounts, and the sales account is a liabihty account. To increase an asset, debit the asset account to increase a hability, credit the liability account. Conversely, to decrease an asset, credit the asset account to decrease a liability, debit the liabihty account. 

From an energy perspective, forests are bank accounts that store the results of photosynthesis. When we cut and bum wood, we make withdrawals from these energy accounts. So long as we do not cut more rapidly than trees can replace themselves, forests represent a renewable energy resource. In the past, as well as in some parts of the world today, forests were harvested much more rapidly than they reproduced. Fortunately, attitudes about forest use are changing, and modem forestry practices make it possible to sustain this energy resource. 

Industrial civilization was built by the consumption of fossil fuels. Currently, well over 80% of world energy comes from the three main fossil fuels petroleum, natural gas, and coal. Because these are nonrenewable resources, there will come a time when these energy bank accounts are exhausted. Experts disagree on how soon the depletion of fossil fuels will occur, but eventually it will be necessary to find other energy sources. 

To be sure that you know how many significant digits there are in such a number, you can report the number in standard exponential notation. The population of New York would be 8 X 10h people, and the bank account would be 8.000000 x 106 dollars. All digits in standard exponential form arc significant. 

The general conservation law for any conserved quantity Q can be written in the form of Eq. (1-10). We have said that this law can also be applied to dollars as the conserved quantity Q. If the system is your bank account,... 

How much simple interest is earned on 767 if it is deposited in a bank account paying an annual interest rate of 7 percent interest for nine months (Interest = Principal x Rate x Time, or 1 = PRT)... 

At this point, the student reviewed the check clearing process in detail. Checks are issued to a supplier and an encumbrance is placed on an internal account in the chemical company the supplier cashes the check at the supplier s bank the check proceeds through a series of intermediate banks until it arrives at the chemical company s bank the issued amount is removed from the chemical company s bank account (cleared) and the check is then returned to the chemical company where the encumbrance on the internal account is removed. The system must achieve an overall mass balance such that the total or cumulative amount of money issued must eventually equal the total or cumulative amount of money cleared. 

Those families where the family member with the drug problem habitually stole from the house literally described it in terms of predation. Bank accounts were emptied and pension books were stolen, even at the price of leaving the parent without money themselves ... 

Take money away from your bank account and the bank will show a negative credit. Take an electron away from an atom, however, and the atom shows up positive. Explain. 

Protect your freedom. Don t rush to open your home or bank account until you are sure what you want to do. It s easy to overreact and regret it later. 

Set up three bank accounts. The first account should be a money market account with check-writing privileges, the next a regular checking account, and the third another money market account. 

Designation of Beneficiary. Life insurance proceeds, U.S. savings bonds, and balances in employer retirement plans, Individual Retirement Accounts, or Keogh accounts pass directly to named beneficiaries. The asset is not subject to probate but is included in the estate for tax purposes. Also, bank accounts can have a pay-on-death person named to receive the proceeds of the accounts after your death. 

Know Designated Beneficiaries. Check all assets that allow for a beneficiary to be designated and verify that the current designations are consistent with your wishes. This includes life insurance policies, annuities, tax-deferred savings plans, bank accounts, and brokerage accounts. 

Bank accounts List all checking and savings accounts by name of institution, address where the account is located, type of account, and account number. Also, give the location of canceled checks and statements. 

About 400,000 Social Security checks are mailed outside the U.S. each month. This is not an accurate estimate of the number of U.S. citizens who have retired abroad, because some checks go to foreigners who earned benefits while working in the U.S. and many U.S. citizens have their benefits directly deposited into their U.S. bank account. But, it does show that a great many have chosen to live abroad in retirement. 

I started a professional training and sports rehab company and did part time research and development for various supplement companies. This added nicely to my bank account but failed to be interesting or progressive. Most supplement companies want cheap, not effective, products. 

Current assets Petty cash Cash in bank Accounts receivable Allow for doubtful accounts Inventory—prescription Inventory—other Prepaid federal income tax Prepaid state income tax Total current assets Noncurrent assets Automobiles Machinery equipment Office equipment Leasehold improvements Accumulated depreciation Total noncurrent assets Total assets... 

After the cash is laundered through these nominally legitimate channels, it is transferred to offshore banking operations or their equivalent. Then, according to Drug Enforcement Administration officials, the funds take several trips around the world over the telex machines of offshore banks, passing through at least a half-dozen, and usually more, different bank accounts and corporate fronts, from the Caymans to Liechtenstein, from Liechtenstein to... 

Sufficient evidence has surfaced in the public record to show that Permindex is the courier channel through which the retail revenues of Dope, Incorporated are shuttled from the regional syndicates into designated secret bank accounts in Geneva, Basel, Liechtenstein, and the Caribbean. 

As a student in our financial planning class, you will need several items. First, you must purchase the book Financial Planning The Basics by Robin Wexel. Second, you must outline your current financial situation by making a list of your income sources as well as your bank accounts, investments, and retirement plans. Finally, you should prepare a financial wish list that documents where you would like to see yourself financially ten years from now. You should be as specific as possible when putting this list together. 

Alcohol has been called the universal solvent It dissolves stomachs, livers, brains, jobs, families, bank accounts, credit ratings, drivers licenses, and the future hopes and dreams of those who suffer from alcoholism. 

We filled out a formal document probably the sort he would use for a large business loan. He calculated the interest on the loan, added it to the total, and said it would show up the next day in my bank account. I expressed gratitude to him. He grunted, we shook hands, he went back to work, and I walked out happy. 

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