Intermediate Accounting Essentials Volume 1
ABOUT THE AUTHOR
Albert I. Rivera, MBA, CPA, CRA He is a certified public accountant and certified risk analyst with an MBA degree from De La Salle University-Manila. He is a proud graduate of the University of the East-Manila with a BS Accountancy degree. He also holds Career Service Professional and Subprofessional Certificates issued by the Civil Service Commission. Mr. Rivera is a CPA reviewer in Financial Accounting and Reporting for Advanced Review Solutions. He is also the integrated reviewer in Financial Accounting and Reporting for De La Salle University, San Beda University, University of the East, and Far Eastern University-Makati. He is a former reviewer and professor at Far Eastern University-Manila, San Beda College Alabang, PSBA-Manila, CTD Review Center, and NRC Review Center. Moreover, Mr. Rivera is the financial and operations consultant for the KNC Group of Companies.
RighttoRepurchase ................................................. 101 LegalRedemption................................................... 106
CHAPTER 7: ASSIGNMENT OF CREDITS AND OTHER INCORPOREAL RIGHTS
112
2024 04-AC-00054-0 978-621-04-5165-8 BS in Accountancy
COPYRIGHT: ITEM CODE: ISBN: PROGRAM:
UNIT II CREDIT TRANSACTIONS AND CONTRACTS OF SECURITY
119
CHAPTER 1: COMMODATUM AND MUTUUM
121
Commodatum versusSimpleLoan;Perfection............................ 122 Nature of Commodatum .............................................. 122 ObligationsoftheBailee ............................................. 123 ObligationsoftheBailor.............................................. 125 Nature of Simple Loan or Mutuum ..................................... 127
CONTENTS
CHAPTER 2: LETTERS OF CREDIT
Right to Repurchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 LegalRedemption................................................... 106
133
Parties to a Letter of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 HowtheLetterofCreditOperates ..................................... 139 Doctrine of Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Fraud Exception Principle ............................................. 143 DoctrineofStrictCompliance ......................................... 144
CHAPTER 7: ASSIGNMENT OF CREDITS AND OTHER INCORPOREAL RIGHTS
112
UNIT II CREDIT TRANSACTIONS AND CONTRACTS OF SECURITY
CHAPTER 3: GUARANTY
150
119
Nature and Extent of Guaranty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 Effects of Guaranty between the Guarantor and the Creditor . . . . . . . . . . . . . . . 157
CHAPTER 1: COMMODATUM AND MUTUUM
121
Commodatum versusSimpleLoan;Perfection............................ 122 Nature of Commodatum .............................................. 122 ObligationsoftheBailee ............................................. 123 ObligationsoftheBailor.............................................. 125 Nature of Simple Loan or Mutuum ..................................... 127
v
CHAPTER 2: LETTERS OF CREDIT
133
Parties to a Letter of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 HowtheLetterofCreditOperates ..................................... 139 Doctrine of Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Fraud Exception Principle ............................................. 143 Doctrine of Strict Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
CHAPTER 3: GUARANTY
150
2025 Higher Education Learning Solutions for the Business and Accountancy Program 33
Nature and Extent of Guaranty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 Effects of Guaranty between the Guarantor and the Creditor . . . . . . . . . . . . . . . 157
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