BACKCHARGE Definition

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BACKCHARGE is to charge a person or a firm an amount of money in order to make adjustments for a previous transaction.

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ZERO BASED BUDGET is where the expenses or costs of the prior year are not taken into consideration when establishing expense or budgetary levels looking forward. Each expense category starts from zero. All expenses or cost levels within the budget must be justified or re-justified as being necessary; thus "zero-base".

ASB see ACCOUNTING STANDARDS BOARD.

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