What Is the Difference Between Budget Surplus, Budget Deficit and a Balanced

question 38

Essay

What is the difference between budget surplus, budget deficit and a balanced budget? Which of these three budget outcomes is currently the case in the United States?

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Definitions:

Direct Method

A technique in cost accounting where only direct costs are assigned to cost objects, ignoring indirect costs.

Step-Down Method

A cost allocation method used in accounting to assign overhead costs to products or service departments in a sequential manner.

Step-Down Method

A cost allocation method that sequentially allocates service department costs to other service departments and then to production departments.

Janitorial Department

A division within an organization dedicated to the maintenance and cleaning of buildings and facilities.