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Identify/define and explain the significance of the following: Edict of Restitution.
Spending Variance
The difference between the actual amount spent and the budgeted amount for a particular category or period, indicating over or under spending.
Planning Budget
A financial plan that estimates the revenue and expenses for a specific period, often used for setting performance expectations.
Revenue and Spending Variance
The difference between the budgeted and actual amounts of revenue and expenditure over a specific period.
Net Operating Income
Income from a company's core business operations, excluding deductions of interest and taxes.
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