The statement in situations where an annual budget deficit exists, cutting expenses from the budget is optimal is True.
<h3>What is budget deficit?</h3>
Budget deficit tend to occur when the expenses or expenditure is higher then the revenue.
Cutting down expenses from the budget is most desirable if we want to have budget surplus. Budget surplus is when revenue is higher than expenditure.
Therefore the statement in situations where an annual budget deficit exists, cutting expenses from the budget is optimal is True.
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Specific Identification is the accounting record of the transactions of the proposal, that is, an inventory method that tracks which item is actually sold and debits.
<h3>What is specific identification?</h3>
It is an accounting record between income and expenses, used to keep track of identifiable and cost-specific inventory items.
This method gives managers or members of an entity a greater possibility of manipulating profits by identifying units in ending inventory as coming from specific purchases.
Therefore, we can conclude that the specific identification method is to track the cost of each item or category of products in the inventory.
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