DEFICIT BUDGET Definition

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DEFICIT BUDGET is where the estimates of expenses are greater than estimates of revenue.

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COST IN EXCESS OF BILLINGS, in percentage of completion method, is when the billings on uncompleted contracts are less than the income earned to date. These under-billings result in increased assets. Conversely, where billings are greater than the income earned on uncompleted contracts, a liability, billings in excess of costs, results.

PROGRESSIVE TAX is an income tax system to where the more income that is made the higher the tax percentage that must be paid.

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