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Accounting procedure hides debt size.(Inside Track)(Brief article)
The Associated Press reported that if the federal government employed the same accounting procedure used by private companies, the deficit for Fiscal 2008 (ending September 30) would have exceeded $1 trillion. But the government figure has been posted as $455 billion, less than half of what it should be. The government employs something other than accounting's "accrual method," which allows expenses to be recorded when they are incurred, not when they are ...
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Source: HighBeam Research, Accounting procedure hides debt size.(Inside Track)(Brief article)