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Exhibit 11.1: In the following items, select the experimental design that best fits the descriptive statement.
-Refer to Exhibit 11-1.Failure to control history and maturation is a definite weakness.
Petty Cash Account
A small amount of cash kept on hand for making immediate payments for miscellaneous small expenses.
Compensating Balance
A requirement by some banks requiring depositors to maintain minimum cash balances in their bank accounts.
Petty Cash Fund
A special cash fund to pay relatively small amounts.
Bank Checking Account
A bank account that allows individuals and businesses to deposit money and withdraw funds, which can be accessed using checks, automated teller machines (ATMs), and electronic debits.
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