ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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INTEGRATED TEST FACILITY Definition
INTEGRATED TEST FACILITY is where a fictitious unit, e.g., an employee or department, is established to where sample transactions are posted to the dummy unit during the normal processing cycle. If test transactions are processed correctly that provides evidence that transactions of other units are processed correctly as well.
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SURETY BOND is a contract by which one party agrees to make payment on any default or the debt of another party.
FOOTNOTES see NOTES TO THE FINANCIAL STATEMENTS.