INCOME SUMMARY ACCOUNT Definition

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

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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:

-defense budget
-education
-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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