Government Accounting of Nepal

  

Write the meaning of government accounting.

GOVERNMENT ACCOUNTING 

The government accounting system is used in government offices to record and report their financial transactions.

Systematic and scientific recording of government revenues and expenditures are recorded in it.

In this account, revenues collecting, recording, classifying, summarizing, interpreting and expenditures are recorded.

It reveals how public funds have been generated and utilized for the welfare of the general public.

 

Write any four objectives of government accounting.

State any three objectives of government accounting.

Mention any three objectives of government accounting system.

Write in brief any three objectives of government accounting.

Write the meaning of government accounting stating any one objective.

OBJECTIVES OF GOVERNMENT ACCOUNTING

The main objectives of government accounting are given below:

Recording financial transactions

In government accounting, financial transactions related to revenues and expenditures of government organizations are recorded.

Avoiding the excess expenditures

Government offices cannot make more expenditure beyond the limit of the budget approved by the government.

Budget head

Government offices make expenditure according to budget head, appropriate act, rules and legal provisions of the government.

 

 Write any four features of government accounting.

Write in any three features of government of Nepal.

Define government accounting with any two features.

FEATURES OF GOVERNMENT ACCOUNTING

The main features of government accounting are given below:

Government regulations

Government accounting is recorded as per government rules and regulations. Government determines financial policies, rules and regulations.

Double entry system

Government accounting is based on the principles of double entry system of book keeping. Every financial transaction is recorded showing their double effects. One aspect is debit and the other is credit.

Budget heads

All the expenses of government offices are classified into different budget heads and expenditures are made only on approved budget heads.

Budgetary control

Government accounting facilitates budgetary control. Government office cannot make expenditure more than the allocated budget amount.

 

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Click on link for YouTube videos CHAPTERS OF CLASS 11

 

ACCOUNTING EQUATION  http://tiny.cc/c89jkz

BASIC JOURNAL ENTRIES IN NEPALI http://tiny.cc/uaakkz

BASIC JOURNAL ENTRIES http://tiny.cc/8aakkz

JOURNAL ENTRY AND LEDGER http://tiny.cc/caakkz

LEDGER http://tiny.cc/haakkz

SUBSIDIARY BOOK http://tiny.cc/399jkz

CASH BOOK http://tiny.cc/889jkz

TRIAL BALANCE & ADJUSTED TRIAL BALANCE http://tiny.cc/c59jkz

BANK RECONCILIATION STATEMENT (BRS) http://tiny.cc/q59jkz

DEPRECIATION http://tiny.cc/ugakkz

FINAL ACCOUNT: CLASS 11 http://tiny.cc/y89jkz

ADJUSTMENT IN FINAL ACCOUNT http://tiny.cc/keakkz

CAPITAL AND REVENUE http://tiny.cc/peakkz

SINGLE ENTRY SYSTEM http://tiny.cc/n19jkz

NON-PROFIT ORGANIZATION (NON-TRADING CONCERN http://tiny.cc/j09jkz

GOVERNMENT ACCOUNTING http://tiny.cc/hcakkz

GOSWARA VOUCHER (JOURNAL VOUCHER) http://tiny.cc/hcakkz

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Write any two points of differentiating government accounting from commercial accounting.

Write any three points of differentiating Government Accounting from commercial accounting.

DIFFERENCES BETWEEN GOVERNMENT ACCOUNTING FROM COMMERCIAL ACCOUNTING

 

DIFFERENCE BETWEEN GOVERNMENT AND COMMERCIAL ACCOUNTING

Bases	Government Accounting	Commercial Accounting
Use	Government accounting is used to record transactions that take place in government office.	Business organization use commercial accounting to record financial transactions.
Cash or accrual	It is normally maintained is cash basis.	It is maintained in accrual basis.
Profit and loss	There is no way is related to show profit or loss.	It is related with profit or loss.

 

Write in brief about Syaha Sresta Pranali.

Write short notes on Syaha and Dhapot.

SYAHA AND DHAPOT

Syaha Sresta Pranali was developed and introduced by Khardar Gunabanta in 1936 BS.

It has adopted following three main types of account:

Syaha (journal entry)

Awarje (ledger)

Dhapot (balance sheet)

 

Dhapot was final statement under syaha sresta pranali.

It was similar to the final accounts of modern accounting system.

It presented summary of government financial position of a certain period. 

There were three types of Dhapot, They were:

Job end Dhapot: It was prepared at the end of a job or after the completion of project work.

Month end Dhapot : It was prepared at the end of each month.

Year-end Dhapot: It was prepared at the end of each fiscal year.

 

NEW ACCOUNTING SYSTEM

The new accounting system of government accounting is based on double entry system.

It is also based on Government Fund Expenditure Rule of 2016 BS.

In this system, separate provisions are made for cash transactions and liabilities.

 

According to the constitution of Kingdom of Nepal (now Government of Nepal) 2047 BS Act 100 (4), all governmental offices are required to maintain accounts on forms prescribed by the Auditor General.

At present following accounting system are used in government offices:

New accounting system

Public work accounting system

Revenue accounting system

Property accounting system

 

 Mention any four objectives of new accounting system of government of Nepal.

Mention any three objectives of prevailing (main) government of Nepal accounting system.

Mention any four features of new (present) accounting system of government of Nepal.

Write any three features of Government of Nepal accounting system.

Mention any three features of new accounting system.

State any three features of new accounting system.

FEATURES AND OBJECTIVES OF NEW ACCOUNTING SYSTEM OF GOVERNMENT OF NEPAL

The main features of new accounting system are explained below:

Based on double entry system

New accounting system is based on principle of double entry system of book keeping.

In double entry system, each financial transaction has two aspects i.e. debit and credit.

Each financial transaction affects one debit side and another credit side.

Uniformity and simplicity

New accounting systems are used in the entire government offices in Nepal.

This system is simple to understand and easy to operate; because it is based on the principle of double entry system.

Banking transaction

Cash is probability of misuse and manipulation object.

New accounting system emphasize on banking transaction. Every government officer should deposit all revenues into bank and payments are made through DTCO.

Classification of offices

Government organizations are classified into central level offices and local level offices.

Central level offices are ministry.

Operating level offices are operated in metropolitan city, sub-metropolitan city, municipality and village municipality.

 

 Write in brief the meaning of central level accounting.

CENTRAL LEVEL ACCOUNTING

New accounting system of government of Nepal includes ministries and departments under central levels.

Generally, central level offices have very few transactions.

They provide imprest fund and budget release to operating levels offices.

Departments play the role of coordinator between ministries and respective operating level offices.

They receive budget from ministries through the Office of the Treasury and Comptroller.

They release this budget to operating levels on the basis of their budget allocation.

 

Mention the expenditures that includes under the budget head ‘salary’.

SALARY

Salary is the main expenditure in government offices.

The budget head of salary is 21111.

The following expenditures are included under salaries:

Salary, provident fund, pension, annual grade, insurance premium, incentive, reward for permanent employees.

Wages, remuneration etc paid to temporary worker

Amount related to reserve of house leave, sick leave, exchange leave and festival expenses (bonus) etc.

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