Ratification Has to Be Expressly Made Only in Written Form

question 17

True/False

Ratification has to be expressly made only in written form.

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Definitions:

Capitalization of Interest

The process of adding accumulated interest to the principal balance of a loan, which then earns further interest.

Construction

The process or art of building structures, such as buildings, bridges, or roads.

Actual Borrowings

Actual borrowings refer to the actual amount of funds a company or individual has borrowed from lenders or financial institutions, as opposed to planned or potential borrowing amounts.

Capitalize

The process of recording an expenditure as an asset, rather than an expense, thus spreading the cost over its useful life.