What are the five process of financial administration?

Financial-administration is a dynamic process, which falls into five well defined divisions namely : (1) Preparation of the budget, i.e., of the estimates of the revenue and expenditure for the ensuing financial year, (2) Getting these estimates passed by the Legislature called ‘Legislation of the Budget’, (3) …

What does financial administration mean?

the job of managing financial tasks for a company or organization, for example, controlling the budget, writing financial reports, and providing money for projects: Our financial administration staff are responsible for the overall fiscal management, accounting, and financial reporting for the Department.

What is the public financial management Act 1 of 1999?

to regulate financial management in the national government; to ensure that all revenue, expenditure, assets and liabilities of that government are managed efficiently and effectively; to provide for the responsibilities of persons entrusted with financial management in that government; and.

What is the purpose of the financial Administration Act?

The Financial Administration Act establishes the general financial management framework for government. This Act establishes the Treasury Board and its role and authority. This Act establishes the process to authorize government spending and defines the rules for how public monies are collected and disbursed.

What are the objectives of financial administration?

Some of the prime objectives of financial management are as follows:

  • Profit Maximization.
  • Wealth Maximization.
  • Maintenance of Liquidity.
  • Proper Estimation of Financial Requirements.
  • Proper Mobilization.
  • Proper Utilization of Financial Resources.
  • Improved Efficiency.
  • Meeting Financial Commitments with Creditors.

What are the three of finance administration?

The purview of public finance is considered to be threefold, consisting of governmental effects on: The efficient allocation of available resources; The distribution of income among citizens; and. The stability of the economy.

Does PFMA apply to universities?

In case of universities, although all the provisions of the PFMA are not applicable to these institutions, there are huge transfer payments made from the Dept. of Education to Universities.

Does PFMA apply to schools?

In terms of sections 13 and 22 of the PFMA, school fees do not form part of the revenue funds, which are regulated by the PFMA. We are therefore of the opinion that the PFMA does not apply to schools and that the financial management of school funds is provided for in the SASA and not the PFMA”.

What is Section 33 of the financial Administration Act?

section 33 (s. 33) – Payment Authority, which provides the authority to pay expenditures after ensuring that the payment is a lawful charge against an appropriation and that FAA s. 34 was properly exercised.

What is Section 34 of the financial Administration Act?

Section 34 of the FAA provides the authority to certify that goods were received or services rendered as contracted. Section 33 provides the authority to release funds for payment after verifying that Section 34 has been properly exercised.