FACE-AMOUNT CERTIFICATE Definition

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FACE-AMOUNT CERTIFICATE is a debt security issued by face amount. The holder makes payments periodically to the issues, and the issuer promises to pay the purchaser the face value at maturity or the surrendered value if the security is presented by the maturity specified in the certificate.

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COMPARE / COMPARISON is an audit procedure where an auditor observes similarities and differences between items such as an account from one year to the next.

VATU is a currency of Vanuatu.

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