EXTINGUISHMENT OF DEBT is the debtors satisfaction of the obligation to a creditor, either legally or in-substance. A debt shall be accounted for as having been extinguished in a number of circumstances, including when it has been settled through repayment or replacement by another liability.
DEFICIENCY is a shortcoming in an internal control or an opportunity to strengthen internal controls.
RECEIPT is a written acknowledgment that a specified article, sum of money, or shipment of merchandise has been received.
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