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Discuss the two functions of the finance department.
Audit Trail
A record that traces the detailed history of financial transactions to verify their accuracy and integrity.
Identity Theft
The fraudulent acquisition and use of someone's personal information, typically for financial gain, without their permission.
Accrued Expense
Expenses that are recognized on the books before they have been paid, reflecting costs incurred during a particular period.
Adjusting Entry
An accounting record made to allocate income and expenditures to the appropriate accounting periods.
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