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The European Union (EU) is currently lagging behind both the USA and Japan in terms of expenditure on R&D as a proportion of GDP, primarily due to slow relative growth in business R&D expenditure. The European Council set an overall target of 3% of GDP by the year 2010, with industry asked to contribute two thirds of this objective. [10]
A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month.A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows.
Research and development (R&D or R+D) [1], known in some countries as experiment and design, is the set of innovative activities undertaken by corporations or governments in developing new services or products. [2] [3] [4] R&D constitutes the first stage of development of a potential new service or the production process.
According to World Bank, ″Gross domestic expenditures on research and development (R&D) include both capital and current expenditures in the four main sectors: Business enterprise, Government, Higher education and Private non-profit. R&D covers basic research, applied research, and experimental development.″ [3]
Government spending or expenditure includes all government consumption, investment, and transfer payments. [1] [2] In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure.
Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position. Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently."
In business, an overhead or overhead expense is an ongoing expense of operating a business. Overheads are the expenditure which cannot be conveniently traced to or identified with any particular revenue unit, unlike operating expenses such as raw material and labor.
The expenditures can be divided by the Classification of Functions of Government : General public services: Funding of services provided for the entire population. Some examples are spendings on executive and legislative organs of the government, fiscal actions, interest expense, international economic aid and transfers.