Budget Sheet
1. Give the meaning of Budget Sheet.
Ans:-Budget sheet is a kind of ledger. It is the statement of annual appropriation of budget, budget release and budget expenditure under different budget heads of operating level office. It is a tool used all the operating level offices to confine the financial activities within the budgetary limits. It is prepared under AGF No. 208.
2. Write any four objectives of budget sheet.
Ans:-Any four objectives of budget sheet is given below:
a. To show the annual appropriation of budget under different budget head to operating level office.
b. To show the amount of budget release under different budget heads.
c. To show the monthly expenditures under different budget heads.
d. To maintain control over budget expenditure.
3. Write the importance of budget sheet in brief.
Ans:-Following are the importance of budget sheet:
a. It provides information about the amount of budget release, actual amounts spent under each head of expenditure and the amount of balance at bank.
b. It helps in analysis of budget expenditure decisions through proper scanning and controlling the annual budget.
c. It helps in the preparation of expenditure statement.
4. Write about three parts of budget sheet prepared by offices of Nepal Government.
Ans:-The three parts of budget sheet prepared by offices of Nepal Government are as follows:
a. Annual budget section:-In this part of budget sheet, amount appropriated for different heads of expenditure are recorded in respective columns. It also records transfer of budget and supplementary budget. No journal voucher is required to record in annual budget section of budget sheet.
b. Budget release section:-In this part of budget sheet, amount of budget released out of annual appropriation is recorded in concerned columns. Journal voucher is required to post the transactions into budget release section. This section of budget sheet is closed at the end of month and closed to get the information of budget release.
c. Budget expenditure:-It is the last part of budget sheet. All the budget expenditure transactions are recorded in this part. It requires to prepare journal voucher to post in this part. It provides information about total monthly expenditure on various budget heads and subheads.
5. Mention two differences between bank cash book and Budget Sheet.
Ans:-The differences between bank cash book and budget sheet are as follows:
Basis of difference | Bank Cash Book | Budget Sheet |
Concept | It is a statement that is prepared to know about position of cash and bank. | It is a statement that is prepared to know the position of different heads of expenditure. |
Transactions | It involves all the transactions related with cash and bank. | It involves all the transactions related with expenditure. |
AGF No. | It is prepared under the format of AGF No. 209. | It is prepared under the format of AGF No. 203. |