Bhuta means multiple things in sanskrit, it can mean deities, spirits, what is conscious, or comes into existence. In pali's context it is correct since bhuta in pali means something that has an animated in nature, which i believe is a better translation since pali was the dominant language during the reign of Asoka & Ajatshatru. On a different note, pali and sanskrit, though have almost the same vocabulary and inferences, may have different meanings for similar contexts.