STATUTORY DEDUCTIONS Definition

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STATUTORY DEDUCTIONS are those deductions that are required by law or regulation, e.g. payroll taxes deducted from wages.

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BUDGETING PROCESS is a systematic activity that develops a plan for the expenditure of a usually fixed resource, such as money or time, during a given period to achieve a desired result.

LRIC is an acronym for Long Run Incremental Cost. A service costing methodology used primarily in the telecommunications industry.

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