Examlex
Formal powers of the president include all of the following, except
Petty Cash
A small amount of cash on hand used for paying expenses too small to merit writing a check or using a credit card.
Account Type
A classification that dictates the nature and purpose of an account, such as assets, liabilities, equity, revenue, or expenses.
Normal Balance
The side (debit or credit) of an account that is expected to have a higher balance, depending on the account type.
Internal Control
Systems and processes implemented by a company to ensure integrity of financial and accounting information, promote accountability, and prevent fraud.
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