Accounts at a Glance (2011-12) - Ministry Of Earth Sciences

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2011-12 Accounts at a GlanceChapter- 3Government AccountsPreparation and Presentation of Accounts:Accounts of the Union government shall be prepared every yearshowing the receipts and disbursement for the year, surplus or deficitgenerated during the year and changes in Government liabilities and assets.The accounts so prepared shall be certified by the Comptroller and AuditorGeneral of India. The report of the Comptroller and Auditor General ofIndia relating to these accounts shall be submitted to the President of India,who shall cause them to be laid before each House of Parliament.Form of Accounts:By virtue of the provisions of Article 150 of the Constitution, theAccounts of the Union Government shall be kept in such form as thePresident may, on the advice of the Comptroller and Auditor-General ofIndia, prescribe.The Controller General of Accounts in the Ministry of finance(Department of Expenditure) is responsible for prescribing the form ofaccounts of the Union and States, and to frame, or revise, rules andmanuals relating thereto on behalf of the President of India in terms ofArticle 150 of the Constitution of India, on the advice of the comptrollerand Auditor-General of India.Principles of Accounting:The main principles according to which the accounts of theGovernment of India shall be maintained are contained in governmentAccounting Rules, 1990; Accounting Rules for Treasuries; Account CodeVol.-III and Civil Accounts Manual etc.Cash-based Accounting :Government accounts shall be prepared on cash basis. With theexception of such book adjustments as may be authorized by GovernmentAccounting Rules, 1990 or by any general or special order issued by theCentral Government on the advice of the Comptroller and Auditor –General of India, the transactions in Government accounts shall representthe actual cash receipts and disbursements during a financial year asdistinguished from amount due to or by Government during the sameperiod.13
2011-12 Accounts at a GlancePeriod of Accounts :The annual accounts of the Central Government shall recordtransactions which take place during a financial year running from the 1stApril to the 31 st March thereof.Currency in which Accounts are kept :The accounts of Government shall be maintained in Indian rupees. Allforeign currency transactions and foreign aid shall be brought into accountafter conversion into Indian rupees.Main Divisions and structure of Accounts:The accounts of Government shall be kept in three parts, namelyConsolidated Fund (Part–I), Contingency Fund (Part–II) and PublicAccount (Part–III).Part–I: Consolidated Fund is divided into two Divisions, namely,‘Revenue’ and ‘Capital” divisions. The Revenue Division comprises of thesections ‘Receipt Heads (Revenue Account)’ dealing with the proceeds oftaxation and other receipts classified as revenue and the section‘Expenditure Heads (Revenue Accounts)’ dealing with the expendituremet therefrom. The Capital Division comprises of three sections viz.‘Receipt Heads (Capital Accounts)’, ‘Expenditure Heads (CapitalAccounts)’ and Public Debt, Loans and Advances, etc. These sections arein turn divided into sectors such as ‘General services’, ‘social andcommunity Services’, Economic Services’, etc., under which specificfunctions or services are grouped corresponding to the sectors of Planclassification and which are represented by Major Heads (comprising Sub-Major Heads, wherever necessary). All revenues collected, loan raised andtheir repayment go into this fund. All the expenditure of the government isalso met from this fund. Money can be spent through this fund only if it isappropriated by Parliament.In Part II – Contingency Fund, are recorded transactions connectedwith the Contingency Fund set up by the Government of India underArticle 267 of the Constitution or Section 48 of the Government of UnionTerritory Act 1963. There shall be a single Major Head to record thetransactions there -under, which will be followed by Minor, Sub and/ordetailed Heads. The unforeseen expenditure which can not wait approvalof Parliament is met from this fund. The government can incurexpenditure from this fund with the approval of Ministry of Finance andseek the approval of Parliament later.14
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