Managing and accounting for financial resources Essay

Managing and accounting for financial resources - Essay Example There are two types of financial resources, namely short term financial resources and long term financial resources. 1. Bank advances - The most important source of financing is bank advances. The banks seek security either in the form of hypothecation or in the form of pledge for providing financial assistance, for providing: Revolving Credit - Revolving credit is a special alternative banking system designed for the farmers and other unorganized segments of the society. It is a running overdraft facility offered by the bank to the customers against their anticipated gross income compulsorily to be flowed into the Bank. Purchase/discount of Bills - A bill arises out of a trade transaction. The seller of goods draws the bill on the purchaser. On acceptance of the bill by the purchaser, the seller offers it to the bank for discount/ purchase. The bank will give finance to the seller and collect the amount from the purchaser on the due date. Bankers’ acceptance - A bankers acceptance (BA) is an order to pay a sum of money at a certain date. The BA is created by a banking customer and provided to a third party. The third party presents the BA to the bank. When the bank "accepts" the BA, it is assuming responsibility to make the specified payment. The bank will assume risk as well as provide finance only in direct form of financial assistance. Banks also provide indirect assistance in the form of ‘Letter of credit’. A letter of credit is an arrangement whereby the bank helps its customer to obtain credit from the customer’s suppliers. The bank, by opening a letter of credit, undertakes the responsibility to honour the obligation of its customer in case the customer fails to do so. 2. Supplier Credit term - This is a spontaneous source of finance which is extended by the supplier of goods or services without any specific negotiations. It is given on account of the

What do you think has been the most profound and enduring consequence Essay

What do you think has been the most profound and enduring consequence of colonialism in Africa Can it be said that colonialism had positive consequences - Essay Example onists normally govern the possessions, work force, and the trading aspects of the colony, and may enforce certain rules on the local people of that particular colony. In Africa, colonialism has most profound and enduring consequences that can either be positive or negative consequences. This paper, therefore, highlights some of the most profound and enduring consequences of colonialism, in Africa. It further argues whether or not colonialism had positive consequences, in Africa. The process of colonialism on the African land significantly transformed its account forever. Every way of living of the Africans changed completely from the way they think to culture, which were forever put in place by the change in their political system that was brought about by the process of colonialism (Thomson 67). The economy of Africa also transformed due to the slave trade through imperialism and the economic strategies that were imposed by the colonists. The major impacts and long lasting effects of colonialism, in Africa, include racial discrimination to Africans, tribal violence, and total poverty. According to Ali Mazrui, racial expression is the major lasting effect of colonialism in Africa, taking the example of the South African’s apartheid era, which took a long time to end even after they got their independent from the European colonists (Mazrui 116). The Europeans most awful heritage was the presence of the White racist state, which existed up to the year 1994, in South Africa. Apartheid was an acceptable racial discrimination method that was centered upon different ethnic backgrounds in South Africa. The people of South Africa were discriminated according to their races, and the local black population was denied the citizenship (Mazrui 112). The Whites were offered quality education, proper housing, good jobs, and excellent medical care. The apartheid system was so unreasonable with only whites who were less than te n percent trying to rule upon a larger population