DEFICIT SPENDING Definition

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DEFICIT SPENDING is an excess of government expenditures over government revenue, resulting in a shortfall that must be financed through borrowing.

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RETROSPECTIVE is to be concerned with or related to the past, e.g. managements review of the prior years performance.

AUDIT TRAIL is a step-by-step record by which financial, business, and quality assurance data can be traced to its source. For example: checking the validity of an accounting entry through the step-by-step record by which accounting data can be traced to their source.

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