ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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REVENUE ANTICIPATION NOTE Definition
REVENUE ANTICIPATION NOTE (RAN) is a note sold by municipalities as a temporary financing pending the arrival of certain revenues, which are then used to payoff the note. Usually the income on these notes is exempt from federal income taxes.
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DISCRETIONARY SPENDING consists of US government expenditures that are set on an annual basis. It is a budget that members of Congress can adjust on a yearly basis. Examples of discretionary spending in the United States:
-Environmental Protection Agency
-Department of Veterans Affairs
When looking to cut costs, lawmakers usually look to trimming discretionary spending. See MANDATORY SPENDING.
OBJECTIVITY PRINCIPLE states that accounting will be recorded on the basis of objective evidence. Objective evidence means that different people looking at the evidence will arrive at the same values for the transaction. Simply put, this means that accounting entries will be based on fact and not on personal opinion or feelings.