What are the two classes of acts perfectly differentiated?

_Acts on third-party assets: the possession of third-party assets, although not incorp...

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What are the two classes of acts perfectly differentiated?

_Acts on third-party assets: the possession of third-party assets, although not incorporated into the assets by transfer of ownership, generates liability or creates rights that accounting must reflect. The most frequent ones refer to: receipt of third-party assets on deposit, guarantee, consignment, among others. An example of these accounts could be: Merchandise received on consignment.
_Acts on risks and contingent commitments: various operations are capable of producing patrimonial effects over time but are contingent at the time of contracting them. The most frequent cases are: guarantees and endorsements granted, discount of third-party documents in financial institutions, among others. An example of these accounts could be: Granted Guarantees.

Ed · Answer

The two classes of acts perfectly differentiated are:

1. Acts on third-party assets: These are acts where the possession of third-party assets, although not incorporated into the assets by transfer of ownership, generates liability or creates rights that accounting must reflect. Examples of these acts include receiving third-party assets on deposit, guarantee, consignment, among others. An example of an account related to this class of acts could be "Merchandise received on consignment."

2. Acts on risks and contingent commitments: These are operations that can produce patrimonial effects over time but are contingent at the time of contracting them. Examples of these acts include guarantees and endorsements granted, discounting third-party documents in financial institutions, among others. An example of an account related to this class of acts could be "Granted Guarantees."

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What are the two classes of acts perfectly differentiated? _Acts on third-party assets: the possession of third-party assets, although not incorp...

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