VALIDATE is to a. declare or make legally valid; b. mark with an indication of official sanction; or, c. to establish the soundness of; corroborate.
ACCOUNTING RESEARCH BULLETINS (ARBs) were issued years ago to set generally
accepted accounting principles. Some have not been superseded by pronouncements of the Financial Accounting Standards Board. Those old pronouncements still qualify as generally accepted accounting principles.
BUDGETARY DEFICIT occurs when expenditures are greater than revenues.
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