A Budget Surplus Is Defined As

question 143

Multiple Choice

A budget surplus is defined as:

• A)a shortfall of revenues compared to expenditures.
• B)a shortfall of expenditures compared to revenue.
• C)accumulated deficits minus accumulated surpluses.
• D)accumulated surpluses minus accumulated deficits.

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Definitions:

Interest Expense

This is the cost incurred by an entity for borrowed funds, and it is typically reported on the income statement as a non-operating expense.

Premium Account

An account credited with the amount by which a security is issued above its par value, featuring benefits or terms superior to those of standard accounts.

Unearned Liability

An obligation that arises when a business receives payment for goods or services that have not yet been delivered or performed, also known as deferred revenue.

Bonds Payable

A financial accounting term for the outstanding debt a company owes to bondholders, to be paid at a future date.