TOPIC 1
Financial matters and activities of the public sector. Financial administration as activities
involving finance and taxation. It includes central and regional institutions for accounting,
auditing and budgeting, the supervision of local government finances; tax administration, tax
collection, custody and disbursement of funds and the like. In general, public financial
administration describes and analyzes the expenditure of the government and techniques
used by the government to finance these expenditures.
TOPIC 2
Budget is a detailed plan, expressed in quantitative terms that specify how resources will be
acquired and used during a specific period of time. A statement containing a forecast revenue
and expenditures for a period of time. A detailed statement of a government’s expected
expenditures and revenues. A financial planning that includes revenue and expenditure that
have been framed and interpreted to achieve a goal of. ‘Budgeting’ is a statement of revenue
and expenditure for the future which is used as planning and management tools of national
economic sources to fulfill the people’s needs’.
TOPIC 6
Accounting is the process of recording financial transactions along with storing, sorting,
retrieving, summarizing, and presenting the results in various reports and analyses. One part of
accounting focuses on presenting the financial information in the form of general-purpose
financial statements (balance sheet, income statement, etc.) that are distributed to people
outside of the company. These external reports must be prepared in accordance with generally
accepted accounting principles. Another part of accounting focuses on providing a government’s
management with the information needed to keep the economy financially healthy. Although
some of the information comes from recorded transactions, many of the analyses and reports
include estimated and projected amounts based on various assumptions. A few examples of
this information are budgets, standards for controlling operations, and estimating selling prices
when quoting prices for new work.
TOPIC 7
Auditing involves evaluation and verification processes performed by a competent and qualified
individual, to ensure the validity and reliability of information in certain organization’s activities
and are in accordance with established standards and procedures. Audit is also mainly
associated with the evaluation and verification of financial systems and records.
TOPIC 8
Federalism is an administrative system that creates a division of power between the central &
state government. Curtis defines federalism as, “A federal system is one in which the functions
of government are shared between a central authority & regional authorities both set as being
autonomous in certain areas & driving their respective powers from the constitution or
interpretations of it, not from each other”. Financial relation between federal & state is reflected
when through the Federal Constitution, several powers & rights within the financial framework
have been delegated to the state government.
TOPIC 9
Financial/budgetary control is the establishment of a budgeting system to formulate financial
action plans for the operations and the system to direct such finances to achieve the desired
actions specified in the budget. It’s a control technique whereby actual results are compared
with budgets. Is a process that is undertaken throughout the budget period where budget and
targets are continuously examined for review or adjustment depending on the performance. It is
used as a means of making managers and heads of departments accountable for their actions
and decisions. MoF is responsible for the national budgetary control to ensure the expenditures
of the country are always within the available resources. Responsibility of the budgetary control
lies with the respective heads or controlling officers of such organizations. For other ministries,
departments, statutory bodies, or other government agencies, budgets are prepared under the
control of responsible officials or managers, and these budgets are compared periodically to any
achievement in the form of actual expenditures of the unit or department.