This guide briefly explains—in plain language—the differences between some common budgetary terms.
Summary
This guide explains the differences between the following budgetary terms:
- Budget authority, obligations, and outlays;
- Authorization acts and appropriation acts;
- Discretionary and mandatory spending;
- Rescissions and reappropriations;
- Cash accounting, accrual accounting, and fair-value accounting;
- Revenues, offsetting collections, and offsetting receipts;
- Deficit and debt;
- On-budget and off-budget;
- Cost estimates, dynamic analysis, and scorekeeping; and
- Calendar year and federal fiscal year.
