INCOME SUMMARY ACCOUNT is the account in the general ledger used to summarize the revenue and expenses for the fiscal period.
CHECK BOOK see CHECK REGISTER.
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.
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