Government Accounting

Government Accounting, Government accounting system, Principles of Government accounting System, General journal voucher, Bank cash book, Budget sheet, Ledger account, Petty cash book and Expenditure report

Notes

Concept, Features, Objectives and Origin of Government Accounting

Government accounting refers to the accounting system implemented and followed by the government offices to record the financial transactions of the government. It includes the records of government revenue, expenditure, penalties, subsidies, grants, loans etc

Accounting system used in Nepal

This system is used to record transactions in government and semi-government organizations.This system is used to record transactions in commercial organizations.

New Accounting System

The new government accounting system is based on double entry system as it records every financial transaction of the government giving double effect in the books of accounts. It has classified the government offices into the central level and operating level. It also helps the government offices to maintain proper cash flow and make proper decision about the allocation of budget. The New Accounting System helps in the decision making of the Government and maintain the proper records of all the financial transactions of the Government in systematic and scientific manner.

Classification of Government Accounting

Under new accounting system, government accounting has been classified int two levels of accounting. Under new accounting system, government accounting has been classified int two levels of accounting.Central level accounting refers to the accounting system which is maintained in central level government offices.The accounting system which is maintained by operating government offices is known as operating level accounting.

Classification of Heads of Expenditures-I

Salaries, contribution to provident fund, annual increments, expenditures made on incentive and rewards. Wages or remuneration paid to the temporary employees appointed under authorized or prescribed rules and remuneration paid to any person appointed for the specific period under contract.

Classification of Heads of expenditures-II

Cost of labour used for the production of goods and services which can be sold later for money or money's worth e.g. materials, labour and other expenses incurred for producing postal tickets, postcards, domestic goods, insecticides, agricultural goods