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GOVERNMENT ACCOUNTING

Is the composite activities of analyzing, summarizing, reporting and interpreting the financial government unit.
PURPOSE OF GOVERNMENT ACCOUNTING
1. To provide required information to the government unit.
2. To facilitate effective control and administration of public fund.
3. To enable controller and auditor general to exercise his duty.
GOVERNMENT REVENUE
Refer all revenue to finance [assist] government services such as social services like electricity, water etc.
SOURCES OF GOVERNMENT REVENUE
a. RECURRENT REVENUE – these refer to day to day collection of government e.g. Taxes , licence.
b. DEVELOPMENT REVENUE – refer all revenues collected so that to be available to combat the developed expand e.g. loan, grant, subsides
GOVERNMENT EXPENDITURES
Refer to all spending’s done by the Government, It can be spending on Road construction, building hospitals, Paying wages and salaries, and so on.
SOURCES OF GOVERNMENT EXPENDITURES
a. RECURRENT EXPENDITURES – These are day to day running expenses of government e.g. wages, salaries, and water bill.
b. DEVELOPMENT EXPENDITURES- These are expenditure of capital nature e.g. road and bridge.
DIFFERENT TERMS USED IN GOVERNMENT ACCOUNTING
1. VOTES– Is a separated fund which is controlled by an accounting officer, usually in numbered.
2. AMBIT OF VOTE – Total amount approved by parliament for various services.
3. TOKEN VOTE – Occur when the time of preparing estimated, region, ministry or department feels that expenditure.
4. NOTED EXPENDITURE – This is payment out of voted fund appropriated by the national assembly.
5. GOVERNMENT BUDGET– Consist of the entire revenues and expenditures for a parliament year of government.
6. CONSOLIDATED FUND – These mean overall funds of united republic to which all public revenue and other public money receipt are paid in order to meet government expenditure.
7. PUBLIC MONEY – This mean that the public revenue held whether temporary or otherwise by an officer.
8. PAYMASTER GENERAL – An officer in the public services who is appointed by minister of finance and who control the issue of public money to ministries region.
9. CONTROLLER AND AUDITOR GENERAL [CAG] – An officer in the public services of united republic who is appointed by president and charge with the duties and power of controlling in and out of consolidate fund on behalf of national assembly.
10. ACCOUNTING OFFICER – Any person appointed in writing by the paymaster general and charge with the duties of accounting for any services and appropriate by the national assembly or made from exchequer a/c .
11. EXCHEQUER ACCOUNT – Is account of government of united republic which is managed by the paymaster general and kept at the BOT.
12. WARRANT HOLDER – Is an appointed in writing by the accounting officer and charged with duty of controlling and accounting for government expenditure.
13. WARRANT FUND – Refer an expenditure authority granted by each accounting officer to the warrant holder.
14. AUTHORIZED OFFICER- This is an officer authorized in writing by the accounting officer to the warrant holder.
15. RECEIVER OF REVENUE- Officer appointed by the paymaster general and charged with duty of collecting and accounting for specified money.
16. COLLECTOR OF REVENUE – Is an officer who appointed by the receivers charge with the duty of collecting and accounting revenue on behalf of receiver revenue.
17. PUBLIC DEBTS – Is the debts to the government arising as a result of loan whether long-term loan or any loan.
18. COMMITMENT- These are entry records in the vote book which indicate indents, requisition and local purchases order [LPO].
19. VIREMENT- This is an authority granted by minister of finance to transfer approved fund from one place to another.
20. SINKING (SPECIAL) FUND- This is fund established for the future repayment {public debts}
21. NUGATORY EXPENDITURE- These are expenditure which do not add any value to the government.
22. APPROVED ESTIMATED –Is the amount of money added to the expenditure item to obtain a proved of the parliament.
23. IMPREST- Is a small amount of money paid to an officer to enable him to met petty expenses.
24. ACCOUNTING/FINANCIAL YEAR – Is a period for the management of public finances which start on 1st July each year to 30th June of the next year {in Tanzania}.
25.CHILD – person whose age is not exceed 18 years.




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EcoleBooks | BOOK KEEPING O LEVEL(FORM TWO) NOTES - GOVERNMENT ACCOUNTING

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