What is statement of expenditure

The new government accounting system requires an operating level office to regularly report on expenditures to the concerned central level office. For this purpose, a number of reports are prepared in the form of statements and submitted to the concerned central-level office. For this purpose, a number of reports are prepared in the form of … Read more

Petty Cash Book and It’s Concept

The new government accounting system emphasizes that government transactions have to take place only through banks. In other words, all receipts and payments have to be made only by bank cheques. since banks are ordinarily not bound to pay cheques drawn for less than Rs. 100, it is, however, not worthwhile to draw cheques of … Read more

What really is capital formation | Process of Capital Formation

Capital formation means increasing the real stock of capital of a country. It is the process of building up the capital stock of a country through investment in productive plants and equipment. Capital formation refers to the increase in the productive capacity of the economy over a period of time. It involves making more capital … Read more