BUDGET Definition

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BUDGET is an itemized listing of the amount of all estimated revenue which a given business anticipates receiving, along with a listing of the amount of all estimated costs and expenses that will be incurred in obtaining the above mentioned income during a given period of time. A budget is typically for one business cycle, such as a year, or for several cycles (such as a five year capital budget). Of the many kinds of budgets, a CASH BUDGET shows CASH FLOW, an EXPENSE BUDGET lists expected payments of money, and a CAPITAL BUDGET shows the anticipated payments for CAPITAL ASSETS. See FORECAST, PROJECTION.

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FICTITIOUS ASSET is debit balance includes on balance sheets as assets that do not conform to the definition of an asset. Intentional includes of assets known to be fictitious assets may be ruled as fraud.

RFID is Radio Frequency Identification Tag. An RFID is attached to and identifies a thing such as an item in inventory, a case of items, a pallet of cases, a car passing through a reader on a toll way, or a person passing through a doorway.  It is like a UPC (universal product code) on items in a store, but can be scanned from a longer distance.  A transceiver sends an activating signal and receives identification information.  An active RFID tag has an internal battery and has a longer range than a passive tag which is powered by the radio signal it receives.

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