Theconsolidatedloanaccount 101713 syedsoffiansoa2013

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Unformatted text preview: pliance with the Financial Procedure Act, 1957, three separate accounts are maintained in respect of the Consolidated Fund, namely: 1. The Consolidated Revenue Account 2. The Consolidated Trust Account 3. The Consolidated Loan Account 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 6 10/17/13 The Consolidated Revenue Account into which the revenues of the Government is paid and from which the operating expenditure is met. syed soffian/SOA/2013 syed soffian/SOA/2013 7 The Consolidated Trust Account under which all receipts and payments of both Government trust funds and monies received by the Government for specific purposes are accounted for. 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 8 10/17/13 The Consolidated Loan Account in which all loan receipts, disbursements there from for the purpose of repayment of outstanding loans and transfers to other fund is accounted for. syed soffian/SOA/2013 syed soffian/SOA/2013 9 Basic Concepts Of Accounting Basic Policies Policies The accounting policies of Government are based on two concepts embodied in the Federal Constitution, namely: 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 10 a) The concept of Consolidated Fund which emanates from the requirement that all revenues and monies raised or received, except zakat, fitrah, baitulmal and similar Islamic religious revenue, be paid into and form one fund to be known as the Consolidated Fund (Article 97); and 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 11 b) The concept that no monies, except specific charged expenditures, shall be withdrawn from the Consolidated Fund unless they are appropriated or otherwise authorized by Parliament (Article 104). 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 12 … or otherwise authorized by Parliament (Article 104). Parliament provide authority to make payments out of the Consolidated Fund in annual and supplementary Supply Acts and other statues. 10/17/13 syed soffian/SOA/2013 syed soffian/SOA/2013 13 Spending authority granted in Supply Acts is For stated purposes and maximum amounts, Unutilized spending authority lapses at the end of the year for...
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This document was uploaded on 10/08/2013.

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