ACTUAL COST Definition

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ACTUAL COST is the amount paid for an asset; not its retail value, market value or insurance value.

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PERFORMANCE BUDGET is a budget format that relates the input of resources and the output of services for each organizational unit individually. Sometimes used synonymously with program budget.

 EQUIPMENT TRUST CERTIFICATE is a bond that is secured by a first claim (lien) on certain equipment. The title to the equipment is held in trust until the bond is paid off.

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