MUNICIPAL NOTE Definition

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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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EQUIVALENT UNIT OF PRODUCTION (EPU) is based on the idea that if 100 units are all 40% complete, then 40 whole units could have been completed.

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

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