TREASURY NOTE Definition

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TREASURY NOTE is a intermediate term debt obligation of the US government that has a maturity from one to ten years. They are issued in $1,000 denominations and pay interest semiannually. Treasury notes are commonly abbreviated as "T-notes".

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NORMAL SPOILAGE consists of defective units that arise as part of regular operations. If normal spoilage arises from the requirements of a specific job, the cost of the spoiled units is charged to the job.

COMPLIANCE AUDIT is the review of financial records to determine whether the entity is complying with specific procedures or rules.

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