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Revenue vs Capital Expenditure Q. Define Revenue Expenditure and Capital Expenditure. State the principles governing the allocation of expenditure between Capital & Revenue. Indicate the importance of making such a distinction. Ans. Capital expenditure is that expenditure, which is incurred for the purpose of acquiring, expanding or improving assets, by which, the earning capacity of the business is increased. Revenue Expenditure is that expenditure incurred, in carrying on the business and in maintaining the capital assets in a state of efficiency and hence maintaining the revenue earning capacity of the business. Salaries, Wages, Lighting, Stationary, repairs & renewals required to maintain assets in a state of efficiency - are the examples of Revenue Expenditure. There is no definite principle governing allocation of expenditure of a business between capital & revenue. As a general rule, all expenditures incurred for the following purposes should be allocated to cap...

Voucher -------------- Q.What is Voucher What are the features of a valid voucher? Give instances where an auditor refuses to consider a stamped and signed voucher. Ans.Voucher is defined as a documentary evidence in support of entries appearing in the books of account. A receipt, counterfoil of a receipt book, an agreement, a resolution passed by the Board of Directors, an invoice etc. are the examples of voucher. Vouchers are of two types. a) Primary voucher - a written evidence in original in support of a transaction is called primary voucher. Examples include - Invoice for a purchase, Resolution of Board etc. b) Co-lateral / Secondary voucher - when the original voucher is lost, the subsidiary evidence produced in support of the transactions is called Co-lateral or Secondary voucher. The features of a valid voucher are -- i) It must be written in the name of the client / business. ii) The date written on the voucher must agree with the date of entry of the transaction in t...

Treasury Checks on Claims Q. What are the checks to be applied at Treasury on claims presented ? Ans. T.R. 4.059 to T.R. 4.064 deals with the checks to be applied at Treasury on claims presented, which are depicted below :- According to T.R. 4.059, - a) The bill or any other documents presented as claim shall be received and examined by the Accountant and then put up to the T.O. b) The T.O. shall verify that the claim is admissible and is preferred on a valid authority. The signature & the counter-signature where necessary in the bill is genuine and there is a receipt of legal quittance. c) The T.O. shall then sign the order of payment at the foot of the bill taking care of the instructions mentioned in T.R. 4.025 d) At the time of receipt of bills, the entries in the Bill Transit Register (B.T.R.) shall be compared with the bills and token number shall be entered in each of such bill as well as in Column 5 of B.T.R. e) The T.O. shall make payments only after pre-checking...

Departmental Expenditure Q. Discuss the cases, where the direct appropriation of the departmental receipts for departmental expenditure shall be authorised. Ans. According to T.R. 3.01(1) - a) All moneys received by the Government employees on account of the revenues of the State; b) All loans raised by the Government; c) All moneys received by the Government in repayment of loans and d) All moneys received for deposit in the custody of Government - - shall be deposited into the Treasury linked Bank within the next working day. T.R. 3.01(2) - states that, no revenues of the State received by a Government employee shall not be appropriated to meet departmental expenditure. However, there are some exceptions of T.R. 3.01 T.R. 3.03 states that, - direct appropriation of departmental receipts for the departmental expenditure shall be authorised in the following cases - a) Moneys received on account of the service of summonses, diet money of witnesses in the civil, revenue &...

Valuables_Treasury Q. What types of valuables are deposited in the Treasury and how it is dealt with ? Ans. T.R. 2.39 & T.R. 2.40 deals with the valuables, which may be deposited at the Treasury for the safe custody. According to T.R. 2.39(1), cash chest belonging to other departments may be kept at the Treasury for the safe custody. Sub rule (2) of T.R. 2.39 states that, the following articles may be kept at the Treasury for the safe custody :- a) Sealed packets containing duplicate keys of currency chest or Strong Room of S.B.I., C.B.I. or other public sector banks acting as an agent of R.B.I.; b) Sealed packets containing Post Office Savings Bank Pass Book, Security Bonds, agreements etc; c) Sealed packets containing non-Treasury padlocks and keys & duplicate keys of such padlocks; d) Sealed packets containing Government Promissory Notes and other valuables belonging to the Cantonment Board Authorities; e) Sealed packets containing undisbursed advances for a period...

T.O._ROLES & RESPONSIBILITIES Q. Discuss the roles and responsibilities of a Treasury Officer (T.O.) Ans: The Treasury Officer (T.O.) is responsible to the Collector primarily for the proper discharge of his duties, for thorough observance of all rules prescribed for his guidance and for the strict attention to the daily routine of the Treasury work. According to T.R. 2.28(1), he is responsible to the Collector for the working of the Treasury, for the conduct of the Additional Treasury Officers and for the custody of Stamps and other valuables. He shall prefer instructions for the guidance of every section of the Treasury. According to the sub-rule 2 of T.R. 2.28, ie, T.R. 2.28(2), the T.O. is also responible to the Collector for keeping the Accounts of the Treasury strictly in accordance with the directions contained in Accounting Rules for Treasuries, 1992, for the accuracy of the initial records and vouchers and for regularity of all transactions taking place at the Treasury...

AFS/Budget What is Annual Financial Statement (AFS)/Budget? How is it passed in the Parliament? Annual Financial Statement (AFS) shows the estimated receipts and expenditures of the Government of India for that year. According to Article 112(1), the AFS is caused to be laid before both of the Houses of the Parliament by the President of India at the beginning of the each financial year. According to Article 112(2), the estimates of expenditure embodied under the AFS shows separately - a) the sums required to meet such expenditures described by the Indian Constitution as expenditures charged upon the Consolidated Fund of India (CFI); and b) the sums required to meet such expenditures proposed to be made from the CFI. According to Article 112(3), the sums required to meet such expenditure as expenditure charged upon the CFI, shall not be submitted to vote in Parliament. These are the non-votable expenditures under our Constitution. After the grants are voted in the House of People...