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Discuss how the principles of internal control apply to cash receipts.
Promissory Notes
Written and signed agreements in which one party promises to pay another a specified sum of money either on demand or at a future date.
Specified Date
A particular or agreed upon day on which an event is scheduled to occur or a deadline is to be met.
Time Instrument
A document promising payment of a certain amount of money at a fixed or determinable future time, such as a promissory note or check.
Payment
The transfer of money or goods from one party to another as compensation for goods, services, or to fulfill a legal obligation.
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