Short Notes on Accounts – I
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September 10, 2012 at 1:46 pm #74054
Anonymous
InactiveLocal Audit
Local Audit party of the State Accountant General will inspect the accounts of the office and examine the books of accounts and vouchers etc. There are two parts of inspection reports:
(a) Verification of books of accounts, vouchers etc. and observing rules and regulations,
(b) Test Audit.September 10, 2012 at 1:49 pm #74053InactiveAudit against Propriety
Audit of propriety is not a matter of rules and regulations but to observe the following principles:
(i) Higher standard of public financial morality.
(ii) Sound financial administration.
(iii) Devotion of financial interest of the Govt.September 10, 2012 at 1:51 pm #74057InactiveEfficiency Audit
The audit will examine as under :
(a) Whether scheme is running economically.
(b) Whether the scheme actually producing the result expected from it. Examinations are also required in respect of the following grounds :
(i) Inefficient handling, lack of foresight, expensive delay, wasteful expenditure through lack of co-operation, loss etc.
(ii) The ascertain physical target, return, financial object of the scheme.September 10, 2012 at 1:53 pm #74058InactiveEconomy Efficiency and Effectiveness of Audit
(i) Economy is the practical systematic management of the affairs of a project which assures minimum operating costs for carrying out functions and responsibilities.
(ii) Efficiency is the accomplishment of assigned goals, production targets which contributes to minimising operating costs without hampering the quality or time schedule of the project.
(ii) Effectiveness is the adoption of a course of action which assures achievement of the clearly defined pre-determined plans, objectives or goals at the minimum costs within the schedule time.September 10, 2012 at 1:55 pm #74059InactiveCurrency Officer
Resource operations of Govt. of India and of the states vested with Reserve Bank of India. This work is conducted under the control of the Bank a number of currency officers each of whom is in-charge of an issue department of the Bank and is responsible for the work of one or more States within his jurisdiction.September 10, 2012 at 1:55 pm #74060InactiveArticle 150 of Constitution of India.
The accounts of Union and the States shall be kept in such a form as the President may after consultation with Comptroller and Auditor General prescribed.September 10, 2012 at 1:56 pm #74061InactiveTax Receipts
The C. A. G. now audits all taxes and non-taxes receipts of Union. States and Union Territories. The more important of these receipts are Tax Receipts.September 10, 2012 at 1:57 pm #74062InactiveModvat
It means modified value added tax. This scheme allows the manufacturer to obtain instant and complete re-imbessement of excise duty paid on the components and raw materials used imput for final products. Tobaco, Mineral Oil, Matches, Textile articles.September 10, 2012 at 1:59 pm #74063InactivePay and Accounts office
The accounts of the Union Govt. were departmentalised in the year 1976 and C. A. G. was relived for maintenance of accounts etc. As such Each Ministry of Govt. of India has a Pay and Account office. All Receipt and payments including settlement inter departmental and intergovernmental transaction are made by this office. Compilation and consolidation of accounts of receipts and payment etc. are done by this office.September 25, 2012 at 7:52 am #74397InactiveSector and Sub-sector of accounts
(a) The transaction of Consolidated funds are grouped as under:—
(i) General Service
(ii) Social and Community Service
(iii) Economic Service.
(b) Contingency Fund
(c) Transaction of Public Accounts are grouped as under:
(i) General Service
(ii) Social and Community Service
(iii) Economic Service. -
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