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An example of a borrowing base certificate used in asset-based lending. Borrowing base certificate is the official accounting document prepared by the borrower that certifies the size of the borrowing base of an organization with the previously agreed advance rates. [11] Borrowing base certificate includes a summary calculation sheet.
Folio Number: Every page of a journal is numbered. This number is known as a folio number. [5] The folio number is used as a cross reference between the journal and the ledger accounts. The use of folio numbers makes it easy to refer back from the ledger account to the journal entry or forward from the journal entry to the ledger account.
Construction loan statistics. Construction loans typically require 20 percent down, at minimum. As of the second quarter of 2023, commercial and non-commercial construction loan volume totaled ...
Different countries have developed their own accounting principles over time, making international comparisons of companies difficult. To ensure uniformity and comparability between financial statements prepared by different companies, a set of guidelines and rules are used.
FHA construction loans: For as little as 3.5 percent down, you can get a construction loan insured by the Federal Housing Administration (FHA). These come in the form of a construction-to ...
Construction loan interest rates are often higher than the rates for a regular mortgage. While you can get an FHA loan with a relatively low credit score and down payment, a better score and a ...
In the United States, whether interest is adequate is determined with reference to the applicable federal rate (AFR). Under the Internal Revenue Code, original issue discounts on debt instruments are taxed each year, even though the debt may not be repaid until a later date. The tax system will impute an interest rate on the loan.
The accounting equation plays a significant role as the foundation of the double-entry bookkeeping system. The primary aim of the double-entry system is to keep track of debits and credits and ensure that the sum of these always matches up to the company assets, a calculation carried out by the accounting equation.