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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MATERIAL MISSTATEMENT is accidental or intentional untrue financial statement information that influences a companys value or price of stock.

ACCRUAL BASIS OF ACCOUNTING is wherein revenue and expenses are recorded in the period in which they are earned or incurred regardless of whether cash is received or disbursed in that period. This is the accounting basis that generally is required to be used in order to conform to generally accepted accounting principles (GAAP) in preparing financial statements for external users.

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