INTEGRATED TEST FACILITY Definition

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INTEGRATED TEST FACILITY is where a fictitious unit, e.g., an employee or department, is established to where sample transactions are posted to the dummy unit during the normal processing cycle. If test transactions are processed correctly that provides evidence that transactions of other units are processed correctly as well.

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BUDGET DEFICIT is usually the difference between government spending and revenue and thus the amount that needs to be borrowed. Definition varies between countries.

TAXABLE EQUIVALENT YIELD is the yield that must be received on a taxable security to provide the holder with the same after-tax return as that earned on a tax-exempt bond or preferred stock.

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