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Collusion
A secret agreement between two or more parties for a deceitful, illegal, or fraudulent purpose to deceive others.
Prescribed Controls
Specific procedures and policies implemented by a company to safeguard its assets, ensure accurate financial reporting, and comply with laws and regulations.
Petty Cash Fund
A small amount of cash on hand used for paying expenses too small to merit writing a check.
Bank Checking Account
A bank account that allows for easy access to funds through checks, debit cards, and electronic transfers, used for managing daily transactions.
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