Government Accounting

Government Accounting
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Government
Agency of the state carrying out its deals
and objectives through positive functions.
To promote welfare/ better quality of life.
Raise and spend money.
Financial administration, the role of
government accounting.
Process of recording, analysing,
classifying, summarising,
communicating, and interpreting the
financial transactions and events
about government in aggregate and
in detail reflecting transactions and
other economic events involving the
receipt, spending, transfer, usability
and disposition of assets and
liabilities.
Objectives
Provide information about expenditure
Provide information about Revenues
Provide information about loans and
deposits
Provide information about cash availability
Features
Accounting system comply with the constitutional;
statutory and other legal requirements of the country.
Related to budgetary classification.
Accounts are maintained in a manner that will clearly
identify the objects and purposes for which funds have
been received.
It will facilitate the audit by external review authorities
and readily furnish the information needed for an
effective audit.
It will permit effective administrative control of funds
and operations.
Disclose economic and financial results.
Difference between Commercial Accounting

and Government Accounting
Commercial Accounting
Profit motive
Profit and Loss Account
and Balance sheet
Double entry System
Chartered Accountants
Trade or manufacture
Accrual basis
Govt. Accounting
Welfare motive
Budget
Single entry system
Comptroller and Auditor
General of India
Financial Administration
Cash basis
General Principles of
Pin pointing Responsibility (IAAD)

Accounting Systems
Public sector Commercial enterprises
Recording and consolidation of
transactions
Incomes and expenditure
classifications
Maintaining internal Accounts
Combined Accounts
Classification of
Government Accounting in India
By constitution of India
Consolidated fund of India
Public Account
Contingency Fund
Consolidated Fund of India

For centre and each of
states
All incomes received by
the government are
credited
Tax or non tax
Loans such as Treasury
Bills..
Money received in
repayment of loans.
The expenditures charged on consolidated fund

The salary and allowances of the President.
Debt charges and cost of raising Loans
Salary, allowances and pension payable to CAG of
India
Salaries, allowances and pensions payable to Judges
of Supreme court.
Salaries and allowances of the chairman and Deputy
chairman of Rajya Sabha and speaker and deputy
speaker of Lok Sabha
Sums required for arbitration tribunal
Any other expenditure charged by constitution/ union
Act.
10
Public Account
Any money, which is not to go to the
Consolidated Fund is credited to the Public
Account.
Article 266(2) of constitution
Savings Deposits and Certificates;

Reserve Funds;
Deposits;
Advances
11
Contingency Fund
This fund is in the nature of an imprest.
Advances can be made by the
President/Governor of a State for meeting
unforeseen urgent expenditure pending
authorization of such expenditure by Parliament
or State Legislature.
It is recouped from the Consolidated Fund.
Article 267(1)
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IAAD
Includes the officers and establishments employed
for accounting and audits
Headed by C&AG
Works in co-operation with Finance Ministries and
Departments of Union & States.
Helps in framing budget and its utilisation.
Audit of Postal and Telegraph, Railways, Defence
Government commercial audit conducted by
Accountant General
13
CAGI
Appointed by President of India (Article
148(1))
Removed by president by recommend of
Parliament.
Status is of Judge of Supreme Court.
Oath before president (148(2))
Salary determined by Parliament
Six years, retirement at age 65 (148(3))
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Duties and Powers

Advice president on the form of keeping account
of centre and state.
Ensure that amount authorised by legislature have
been properly spent.
Submit audit reports to President/ Governor.
Submit Finance Accounts and Appropriation
Accounts annually.
Provide assistance and advices to Union and state
governments.
Empowered to inspect any offices of accounts and
treasuries under the control of govt.
15
PAC
Standing Committee of Parliament to
exercise vigilance over governmental
spending and performance.
22 members- 15 from Lok Sabha, 7 frm
Rajya Sabha
Annually elected, convention is two year
term.
Chairman nominated by Speaker of Lok
sabha.
Scrutinises Appropriation Accounts of GoI
and report of CAGI.
16
Estimate Committee
To examine the estimates

Suggest alternatives
30 members form Lok Sabha
One year service. But 2/3 members re-elected.
Chairman nominated by speaker
17
Thank You
18

Government Accounting

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Copyright:

Verfügbare Formate

Government Accounting

Hochgeladen von

Copyright:

Verfügbare Formate

Government Accounting

Difference between Commercial Accounting

Pin pointing Responsibility (IAAD)

Consolidated Fund of India

The expenditures charged on consolidated fund

Savings Deposits and Certificates;

Duties and Powers

To examine the estimates

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