Examlex
Explain how changes in accounting policies, changes in accounting estimates and errors are accounted for under the accrual basis of accounting.
Budget Deficit
The financial situation where an entity's expenses exceed its revenues within a given timeframe.
Annually Balanced Budget
Budget philosophy prior to the Great Depression; aimed at matching annual revenues with outlays, except during times of war.
Business Cycle
The periodic fluctuations in economic activity characterized by phases of expansion and contraction.
National Debt
The total amount of money that a country's government has borrowed from various sources.
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