Personal Finance Tax Update
Personal Finance Tax Update
13th Edition
ISBN: 9780357438947
Author: E. Thomas Garman; Raymond Forgue
Publisher: Cengage Learning US
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Chapter 6.4, Problem 2CC
Summary Introduction

To Explain: Some major provision of fair debt collection practices act.

Introduction: Fair debt collection practices act: This act prepared by the government to control the unfair practices used by lenders against borrowers to recover the debt. This act tries to maintain a good relationship between lenders and borrowers.

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describe the role of debt covenants in protecting creditors;
What are the reasons for statutory debt limits and explain the terms debt margin and overlapping debt? What are the purpose and types of debt service funds? What are the journal entries utilized to account for activities of debt service funds?
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