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The Syaha Sresta Pranali became failure to maintain the systematic record due to the increasing number of financial transactions. As a result, Bhuktani Sresta Pranali was introduced in 2017 B.S. But this system also became unsuitable and unable to fulfill the requirement of financial administration of the government.
For studying and recommending the scientific, modernized, improved and decentralized accounting system in Nepal, on May 20, 2017, B.S. a committee was formed by the government. A four member committee was formed comprising Comptroller General, Joint Secretary of Ministry of Finance, Public Administration Advisor of US Aid and Accounting Specialist of the UN. The committee made a detailed study for about 288 days and presented a draft to the finance secretary on Kartik 18, 2018 B.S. The Auditor General on Magh approved this draft. After the approval of His Majesty King Mahendra on Chaitra 2, 2018 B.S. the system was introduced as the New Accounting System. This was firstly implemented in the government offices of Kathmandu valley since the fiscal year 2019/20. In the second phase, it was implemented in the offices of Narayani zone and the rest of Bagmati zone since the fiscal year 2020/21. In the third phase, it was implemented in the offices of Janakpur and Gandaki zone since the fiscal year 2021/22. Finally, it was implemented all over the country since Shrawan 2025 B.S.
The new accounting system is being applicable in Nepalese government offices since the fiscal year 2019/020. It is based on the principle of the double-entry system of bookkeeping. It records every transaction of government offices based on the principle of double entry system. This system emphasis on banking transaction. All the receipts and payments of public funds are made through the bank. This system is based on budgeting system, which keeps a record of financial transactions, according to the budget heads. This system is simple to understand and easy to operate. It maintains uniformity in accounting by using a number of printed forms to record the financial transactions of the government.
The new accounting system has been implemented in Nepal to overcome the drawbacks of payment of accounting system. The main features of new accounting system are as follows:
Bhuktani Sresta Pranali was introduced in ______.
When was the New Accounting System introduced?
Chaitra 2, 2018 B.S.
Chaitra 2, 2007 B.S.
Chaitra 2, 2046 B.S.
Chaitra 2, 2017 B.S.
New Accounting System was implemented all over the country since ______.
Srawan 2020 B.S.
Srawan 2046 B.S.
Srawan 2019 B.S.
Srawan 2025 B.S.
New Accounting System is based on the principle of ______.
single entry system of bookkeeping
none of the options are correct
double entry system of bookkeeping
Which one of them is not the objective of new accounting system?
Based on credit transaction
Emphasis on banking transactions
Based on budget heads
Based on double entry concept