BUDGET PERFORMANCE REPORT Definition

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BUDGET PERFORMANCE REPORT is the comparison of planned budget and actual performance.

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TRUE VALUE is the amount that a buyer is finally willing to pay.

OPEN ITEM is a contractual or scheduled commitment that is not yet reflected in Financial Accounting but will lead to actual expenditures in the future, e.g. a purchase order that is not shipped in full will list those unshipped items as open items within the shipping invoice.

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