HOME EQUITY LOAN Definition

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HOME EQUITY LOAN is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance a business, major home repairs, medical bills or college education.

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STABLE MONETARY UNIT CONCEPT allows accountants to ignore the effect of inflation in the accounting records.

NONPROFIT ORGANIZATION is one that has committed legally not to distribute any net earnings (profits) to individuals with control over it such as members, officers, directors, or trustees. It may pay them for services rendered and goods provided. Also known as NOT-FOR-PROFIT ORGANIZATION.

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