A budget sheet is a budgetary account to be prepared by operating level government offices. It has three parts which are described below:
The budget sheet is closed monthly as well as annually. It is closed to report about the budget release and expenditure till the date.
A ledger is a book that records similar nature of transactions in one place to find out the total result of related transactions. It is an account that maintains separate records of each item other than budgetary accounts. The following types of accounts are required to maintain by operating level offices of the Nepalese government:
Annual appropriation partis the first part of a budget sheet which is placed at the top of the sheet. It shows the total amount allocated under different budget heads & subheads which are approved for the fiscal year. This part is filled up with the help of approval letter provided by the central level office. It determines the maximum limit of the budget to be sent by the operating level offices. It shows the inter-heads transfer of budget. Journal voucher is not necessary to fill this part.
Budget releaseis the second part of the budget sheet which lies just below the annual budget appropriation. It is made out of annual appropriation. It shows the total amount of budget release received from the central level office. It shows the amount of budget release in each head & subheads of budget expenditures. It is prepared on the basis of journal voucher.
Budget expenditure partis the third part of the budget sheet. It shows the budget expenditures made by offices under different budget heads & subheads. The transactions, which do not affect the budget heads, are not required to post in this section. It also keeps the record of advance given & cleared transactions. The petty cash expenses are recorded at the time of reimbursement. It is prepared on the basis of journal voucher.
The second part of the budget sheet records the amount of ______.
imprest fund release
all the options are correct
additional imprest fund release
The process of obtaining the total budget release and expenditures up to the month is called _______.