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MUNICIPAL NOTE, also known as a tax-exempt note, is an instrument generally issued with a maturity of one year or less by a municipality or public entity. The interest paid on this instrument is exempt from federal income taxes.

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SCIENTER THEORY is based on the word scienter, which is Latin for "having knowledge." In criminal law, the theory refers to knowledge by a defendant that his/her acts were illegal or his/her statements were lies and thus fraudulent. In securities, it is to knowingly transact a fraudulent securities deal.

FIELD WORK, in auditing, is the performance of audit procedures outside the CPA's office. Much field work, but not all, is done in the client's offices after the balance sheet date.

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