Question

the general structure of financial administration in india

Answer 1

Financial administration refers to the procedure for the utilisation of public funds in India.

The methods used by the Indian government are -

Budget -

It is an estimation of expected receipts and expected expenditure over a time period such as month, year etc.


Accounting -

Recording of monetary transactions to find out the financial position of a business firm.

Auditing -

It is a formal investigation into the books of accounts to ascertain the completeness and accuracy of the transactions.

Answer 2

The financial administration in India is divided into: Executive, Legislature, Financial Department and Auditing Department.

The executive refers to the Central government.

The legislature includes the parliament.

The The ministry of finance has been divided into four departments:

i. Department of Economic Affairs.

ii. Department of Revenue and Insurance.

iii. Department of Expenditure.

iv. Department of Co-ordination