SEVERANCE TAX Definition

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SEVERANCE TAX is levied on production of natural resources taken from land or water bottoms within the territorial boundaries of a state.

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BALANCE SHEET GEARING is the ratio of interest-bearing debt to equity.

MASTER BUDGET formalizes the whole budget system into one single final document in which all the operational budgets flow; its goal is to draft the main economic and financial statements. However, dependent upon the individual or geographic location, is variously contains the cash budget only; or the income statement and the balance sheet combined; or the income statement and the balance sheet and the cash budget combined.

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