TOPIC 4: GOVERNMENT ACCOUNTING TERMINOLOGY ~ B/KEEPING FORM 2

execute all accounting transactions and effect the necessary reconciliation of outstanding transactions;

recover amounts established as being receivable including the recovery of VAT from the host Member State;

prepare and present the Institute’s annual accounts and financial statements – both provisional and final – in line with the applicable financial regulations;

ensure that colleagues who need to use financial procedures are aware of them, understand them and correctly apply them;

validate the Institute’s accounting systems;

file and archive documents connected to the accounting function;

Meaning of the Term Sub-counting Officer

Define the term sub-accounting Officer

Meaning of the Term Collector of Revenue

Describe the term collector of revenue

Collector of revenue: responsible with collecting all revenue received by government

Meaning of the Term Authorized Officer

Explain the term Authorized Officer

An Authorized Officer is a member of a government who has been formally empowered by that entity to conduct government on its behalf, and to enter into borrowing arrangements with financial institutions.

Meaning of the Term Public Money

Describe the term Public Money

Public money is the money that is generated by the government to provide goods and services to the general public.

Meaning of the Term Exchequer Account

Explain the term Exchequer Account

Central Government current and capital account receipts and expenditure, tax and non-tax revenue receipts, departmental expenditure voted annually by the Dial, the sinking fund (a transfer from current account to capital account to reduce national debt) and other non-voted expenditure; current and capital account surpluses or deficits. Exchequer surplus or deficit, source and application of funds, total borrowings or repayments, total increase or decrease in exchequer deposits and other balances.

Meaning of Consolidated Fund

Explain the meaning of Consolidated Fund

Consolidated Fund of Tanzania is the most important of all government accounts. Revenues received by the government and expenses made by it, excluding the exceptional items, are part of the Consolidated Fund. <!– [if !supportLineBreakNewLine]–> <!–[endif]–>

All government expenditure is made from this fund, except exceptional items which are met from the Contingency Fund or the Public Account. Importantly, no money can be withdrawn from this fund without the Parliament’s approval.

The Meaning of Treasury

Describe the meaning of Treasury

Treasury : A government department related to finance and taxation.

Its responsibilities;

To develop and implement a macroeconomic and fiscal policy frame work for the United republic.

Ensure full and transparent accounts are from time to time made to the national assembly indicating the current and projected state of economy and the fiscal policy of the government.

Meaning of Paymaster General

Describe the meaning of Paymaster General

Is thememberof thegovernmentwho isofficiallyresponsiblefor makinggovernmentpayments.

The Meaning of Account Year

To satisfy him that any proposed withdrawal from the consolidated fund is authorized by or provided by act of parliament.

Advice the government on the total revenues to be allocated to the public sector and the appropriate level of resources to be allocated to individual programmers within that sector.

Meaning of Special Fund

Dividend Account: established when the company’s board of directors declares the payment of dividends to shareholders, the money placed in the account is then used to pay the dividends owed.

Interest Expense: includes cash placed into an account that will be used to pay the interest due on the company’s long-term debt.

Payroll Cash Account: typically consists of an imprest account that is replenished prior to each pay period, and contains sufficient cash to pay salaries and wages due employees.

Petty Cash Fund: a small account used to pay for miscellaneous expenses such as delivery charges, supplies, and other items too small in value to justify issuing a check.

Contingency Fund: established by companies to pay for unanticipated expenses, emergencies and other financial crises.

Plant Expansion Fund: used to pay for the eventual purchase, expansion, or construction of a manufacturing plant or facility.

Sinking Fund: established for the purpose of paying holders of long-term debt the principal amount due when the securities mature.

Stock Redemption Fund: used to repurchase or retire capital stock from shareholders; these redemptions typically involve preferred stock.