the general structure of financial administration in india
Answers
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.
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