FRAUD Definition

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FRAUD is intentional deception resulting in injury to another person or entity

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IMPLICIT RATE OF INTEREST is when the stated interest rate is not indicative of the market rate at the time a note is negotiated, the value of the asset (cash or non-cash) or service exchanged for the note establishes the market rate.

BANK RECONCILIATION is the verification of a bank statement balance and the depositor's checkbook balance.

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