PMSI Definition

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PMSI is Purchase-Money Security Interest; it is normally a lien resulting from a purchase, e.g. an auto loan.

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PREFERRED CREDITOR is a creditor whose account takes legal preference for payment over the claims of others.

CONTROL POLICIES AND PROCEDURES are the policies and procedures that help ensure management directives are carried out. Those pertinent to an audit include performance reviews, information processing, physical controls and segregation of duties.

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